Document:

Exhibit 10.22

 

STOCK OPTION AGREEMENT 

UNDER THE ICO GLOBAL COMMUNICATIONS (HOLDINGS) LIMITED

AMENDED AND RESTATED 2000 STOCK INCENTIVE PLAN

 

(Nonqualified Stock Option – California Optionees)

 

To:                              

 

You
have been granted a nonqualified stock option (your “Option”) under the ICO
GLOBAL COMMUNICATIONS (HOLDINGS) LIMITED Amended and Restated 2000 Stock
Incentive Plan (the “Plan”), a copy of which Plan is attached. The key terms of
your Option are as follows:

 

1.                                      Shares:
Class B Common Stock

 

2.                                      Number
of Shares:                .

 

3.                                      Exercise
Price:  $          
per share.

 

4.                                      Types
of Option:  Nonqualified Stock Option
(NQSO).

 

5.                                      Option
Grant Date:                .

 

6.                                      Expiration
Date:            ,
unless sooner terminated.

 

7.                                      Vesting:  Your Option vests and becomes exercisable
according to the following schedule, beginning with the Vesting Start Date of                 :

 

	
  Years of Continuous Employment

  or other Service Relationship From

  Vesting Start Date

  	
   

  	
  Portion of Total Option

  That is Exercisable

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Less than 1 year

  	
   

  	
  0

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  1 year

  	
   

  	
  40

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  2 years

  	
   

  	
  60

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  3 years

  	
   

  	
  80

  	
  %

  
	
   

  	
   

  	
   

  	
   

  
	
  4 years

  	
   

  	
  100

  	
  %

  

 

In
addition to the vesting schedule described above, your Option will become
100% vested and nonforfeitable in the event of certain Corporate Transactions
(as defined in the Plan).

 

8.                                      Conversion:  In accordance with the Company’s
Certificate of Incorporation, you have the right, following (or in conjunction
with) your Option exercise and acquisition of the Shares, to convert, at your
discretion, your Shares of Class B Common Stock into Class A Common
Stock. Upon conversion the Company will immediately issue one share of Class A
Common in exchange for one share of Class B Common.

 

 

The above
points summarize the key features of your Option. Your Option is also governed
by the terms of the Plan and the attached Appendix of Terms and Conditions,
both of which are incorporated into this Option Agreement by reference. Please
acknowledge your receipt and acceptance of these items by signing and returning
the attached Acceptance and Acknowledgement.

 

	
   

  	
  Very truly
  yours,

  
	
   

  	
   

  
	
   

  	
  ICO GLOBAL
  COMMUNICATIONS

  
	
   

  	
  (HOLDINGS)
  LIMITED

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Its:

  	
   

  	
   

  

 

 

STOCK OPTION AGREEMENT

APPENDIX OF TERMS AND CONDITIONS

 

Your
Option is subject to all the terms and provisions of the Plan, as tailored by
your Option Agreement and this Appendix of Terms and Conditions. Capitalized
terms not defined in your Option Agreement and this Appendix have the meanings
provided in the Plan.

 

A.                                    Termination
of Employment. Upon your termination of employment or other service
relationship with the Company, the unvested portion of your Option expires. You
may continue to exercise the vested portion of your Option for a period of
three months following your termination, unless the termination was for Cause,
or attributable to your death or Total Disability, as described below. If your
employment or other service relationship terminates for Cause (as defined in
the Plan), the unexercised portion of your Option expires immediately, both
unvested and vested portions.

 

If
your employment or other service relationship with the Company terminates
because of your Total Disability, you may continue to exercise the vested
portion of your Option for 12 months (instead of the regular three months)
following the termination, but in no event beyond the original Expiration Date.
Similarly, if you die while still working for the Company, your heirs or estate
may exercise the vested portion of your Option for a period of 12 months
following your death. Upon your death within three months following a
termination of employment or other service relationship (or within 12 months,
if termination is due to Total Disability), your estate or heirs will have 12
months following the date of your death to exercise the vested portion of your
Option.

 

B.                                    Option
Exercise. You may exercise your Option by giving written notice to the
Company, using the attached sample form or other documentation
substantially similar and satisfactory to the Company.

 

C.                                    Form of
Payment. Your written exercise notice must be accompanied by full payment
of the exercise price for the number of shares you are purchasing. You may pay
your Option exercise price in cash, with a cashier’s check, or a personal
check, unless the Plan Administrator determines at the time of exercise not to
accept a personal check. At the complete discretion of the Administrator,
alternative forms of payment (such as cashless exercises) may be accepted.

 

D.                                    Tax
Consequences. Your Option is intended as a Nonqualified Stock Option (NQSO).
Upon exercise of your Option, and receipt of shares of Common Stock, you will
have taxable income for federal income tax reporting purposes, in an amount
equal to the Fair Market Value of the shares, measured at the time of exercise,
less the Exercise Price you paid. The income constitutes compensation, taxed at
ordinary income rates. Upon your ultimate sale of the shares, the resulting
gain or loss will constitute capital gain or loss, taxed at short or long-term
capital gain rates, depending on whether you have held the shares for at least
a year. The tax rules associated with options can be complex. The Company
is not providing tax advice, and the preceding is provided only as background
information. You should consider obtaining personal tax consulting before
exercising your Option or selling the resulting shares. Further, the

 

A-1

 

tax laws generally
described above are in effect as of your Option Grant Date and are subject to
change.

 

E.                                      Withholding
Taxes. To the extent the exercise of your Option generates taxable income,
the income may trigger withholding tax obligations for the Company. The
Company has the right to retain, without notice, sufficient shares to satisfy
these obligations, as well as withhold other amounts the Company may owe
you. Alternatively, the Company may refrain from issuing shares to you
until acceptable arrangements have been made to enable the Company to satisfy
its withholding obligation.

 

F.                                      Nontransferability
of Option. During your lifetime only you can exercise your Option. Your
Option is not transferable, except by will or by the applicable laws of descent
and distribution. Following your death, the Plan provides that your Option may be
exercised by your heirs or the personal representative of your estate.

 

G.                                    Registration
/ Stock Legend. As described in Section 15 of the Plan, various
federal and state securities laws must be satisfied before the Company can
issue shares to you upon the exercise of your Option. By signing below, you
acknowledge that you have read Section 15 and understand this condition. Also,
the certificates you receive for shares upon exercise of your Option may possess
the following legend or its equivalent:

 

The securities represented
by this certificate have not been registered under the Securities Act of 1933,
as amended (the ”Act”), and may not be sold, assigned, offered or
otherwise transferred unless (a) there is an effective registration
statement under the Act, or (b) the Company receives an opinion of legal
counsel for the holder of these securities (concurred in by legal counsel for
the Company) stating that the transaction is exempt from registration or the
Company otherwise satisfies itself that the transaction is exempt from
registration.

 

H.                                    Optionee
Representations. By accepting the Option grant you represent and warrant to
the Company as follows:

 

(a)                                  you understand that neither the Option grant nor the underlying
shares of Common Stock have been registered under the Securities Act of 1933,
as amended (the “Securities Act”), in reliance upon an exemption therefrom; you
were not offered or granted the Option directly or indirectly, by means of any form of
general solicitation or general advertisement, including the following: (i) any
advertisement, article, notice or other communication published in any
newspaper, magazine or similar medium or broadcast over television or radio or (ii) any
seminar or other meeting whose attendees had been invited by general solicitation
or general advertising.

 

(b)                                 you are acquiring the Option and potentially the
Common Stock for investment for your own account and not with the view to the
public resale or distribution thereof within the Securities Act and you have no
present intention of selling, granting any participation in, or otherwise
distributing the Common Stock; and

 

A-2

 

(c)                                  either (i) you are an “accredited investor” as
defined in Rule 501(a) of Regulation D promulgated under the Securities
Act or (ii) you have such knowledge and experience in financial and
business matters that you are capable of evaluating the merits and risks of
acquiring the Securities.

 

I.                                         Effect
on Employment. By signing below and acknowledging receipt of your Option
Agreement, you acknowledge that the Plan is discretionary in nature, and the
Company may suspend or terminate it at any time, and that your Option does
not entitle you to additional option grants or continued employment or service
with the Company, or limit the Company’s ability (or your ability) to terminate
employment or services at any time. You also acknowledge that the future value
of the underlying shares is unknown and cannot be predicted with certainty, and
if the underlying shares do not increase in value, then your Option may have
no value.

 

J.                                      Governing
Law; Attorneys Fees. The Plan, this Option Agreement and this Appendix are
governed by the laws of the State of Washington. If any provision of these
documents is held to be invalid by a court having jurisdiction, the remaining
terms will remain in full force and effect. In the event of any arbitration or
litigation concerning your Option, each party will pay its own court costs and
attorney fees, and the prevailing party shall not be entitled to recover those
costs and fees from the non-prevailing party.

 

K.                                    Binding
Effect. The terms and conditions expressed in this Option Agreement and
corresponding Appendix will inure to the benefit of the successors and assigns
of the Company and will be binding upon you and your heirs, executors,
administrators, successors and assigns.

 

A-3

 

ACCEPTANCE
AND ACKNOWLEDGEMENT

 

I, as
resident of the State of                     ,
accept the Nonqualified Stock Option described in the Option Agreement dated                      ,
the corresponding Appendix of Terms and Conditions and the ICO Global
Communications (Holdings) Limited Amended and Restated 2000 Stock Incentive
Plan (all of which are collectively referred to as the “Option Documents”). I
also acknowledge receipt of a copy of the Option Documents. I have reviewed the
Option Documents and am aware of their terms, particularly sections G. and H.
of the Appendix entitled, “Registration / Stock Legend.”

 

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Signature of
  Optionee

  

 

By his
or her signature below, the spouse of the Optionee, if such Optionee is legally
married as of the date of this Agreement, acknowledges that having read this
Agreement and the Plan, and being familiar with the terms and provisions
thereof, agrees to be bound by all the terms and conditions of this Agreement
and the Plan.

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Spouse’s
  Signature

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  Printed Name

  

 

By his
or her signature below, the Optionee represents that he or she is not legally
married as of the date of this Agreement.

 

 

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
  Signature of
  Optionee

  

 

 

Notice of Exercise of Nonqualified Stock Option

 

To:  ICO Global Communications (Holdings) Limited

 

I, a
resident of the State of              ,
hereby exercise my Nonqualified Stock Option granted pursuant to the Option
Agreement, dated                      .
Specifically, I am notifying the Company of my desire to purchase               
shares of Common Stock (or a successor class of stock) of the Company at
the exercise price of $                
per share.

 

I
hereby represent and agree that the exercise of my Option, and the shares I
receive, are subject to the provisions the Option Agreement, the corresponding
Appendix of Terms and Conditions and the ICO Global Communications (Holdings) Limited Amended and Restated 2000
Stock Incentive Plan (all of which are collectively referred to as the “Option
Documents”).

 

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Taxpayer I.D.
  Number

  	
  Signature of
  Optionee

  
	
   

  	
  Address:Exhibit 10.23

 

ICO
GLOBAL COMMUNICATIONS (HOLDINGS) LIMITED

RESTRICTED STOCK GRANT AGREEMENT

 

This Restricted Stock Grant Agreement (this “Agreement”)
is entered into by and between ICO Global Communications (Holdings) Limited (“Company”),
and                            
(“Recipient”), effective             ,
200  .

 

RECITALS

 

A.                                        WHEREAS, Company has adopted the ICO
Global Communications (Holdings) Limited Amended and Restated 2000 Stock
Incentive Plan (the “Plan”), to enable it to attract and retain experienced and
able directors, officers, employees and other key contributors and to provide
an additional incentive to these individuals to exert their best efforts for
Company and its shareholders;

 

B.                                          WHEREAS, Company’s Board of Directors
(the “Board”) has the authority under the Plan to grant restricted stock;

 

C.                                          WHEREAS, the Board has determined to
grant restricted stock to Recipient, pursuant to the terms of the Plan, and
Recipient desires to accept the grant on those terms.

 

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

 

AGREEMENT

 

1.                                       Stock
Subject to this Agreement. The stock subject to this Agreement shall be Company’s
Class A common stock (the “Common Stock”), presently authorized but
unissued or subsequently acquired by Company.

 

2.                                       Grant
of Shares. Company hereby grants to Recipient, and Recipient accepts from Company,
                                     
(      ) shares of Common Stock (the “Shares”). Recipient
shall be the sole owner of the Shares, subject to the provisions of the Plan
and this Agreement, and Company shall list Recipient as a shareholder on its
corporate books and records.

 

3.                                       Shares
Held in Escrow. Unless and until the Shares have vested in the manner set
forth in Section 4, the Shares, although issued in the name of the Recipient,
will be held in escrow by the ICO Global Communications (Holdings) Limited as
escrow agent (the “Escrow Agent”), and may not be sold, transferred or
otherwise disposed of, and will not be pledged or otherwise hypothecated. Company
may instruct the transfer agent for its Common Stock to place a legend on
the certificates representing the Shares, or otherwise note its corporate
records, as to the restrictions on transfer set forth in this Agreement. The
Escrow Agent will deliver to Recipient the certificate (or certificates)
representing the Shares only after, and not until, the Shares have vested and
all other terms and conditions in this Agreement have been satisfied.

 

4.                                       Vesting
Requirements. Subject to the risk of forfeiture set forth in Section 5,
Recipient’s ownership of the Shares shall become vested upon the earlier of: i)
10 years from the 

 

 

effective date of this Agreement; ii) 90 days
following the effective date of any registration under the Securities Exchange
Act of 1934, as amended, covering any class of equity securities of
Company; or iii) 90 days following any class of equity securities of the
Company being registered for sale pursuant to an effective order of
registration by the Securities Exchange Commission. In addition, vesting will
also accelerate in accordance with Section 12.3.2 of the Plan.

 

5.                                       Forfeiture
Upon Termination. Recipient shall forfeit the unvested Shares upon Recipient’s
involuntary termination for Cause (as defined herein) or voluntary termination
without Good Reason (as defined herein). Upon forfeiture, if any, Recipient’s
unvested Shares shall automatically transfer back to Company, without payment
from Company. Recipient hereby appoints the Escrow Agent as Recipient’s true
and lawful attorney-in-fact with irrevocable power and authority in the name
and on behalf of Recipient to take any action and execute all documents and
instruments, including, without limitation, stock powers which may be
necessary to transfer the certificate (or certificates) evidencing the unvested
Shares to Company upon any forfeiture.

 

5.1                                 Definition
of Cause. Termination for “Cause” shall mean Company’s termination of
Recipient (as an employee or other service provider) as a result of Recipient’s
(a) willful refusal to perform Recipient’s obligations to Company, (b) willful
misconduct contrary to the interests of Company, (c) commission of a
serious criminal act whether denominated a felony, misdemeanor or otherwise, or
(d) engaging in activities directly in competition or antithetical to the
best interests of Company.

 

5.2                                 Definition
of Good Reason. Termination for “Good Reason” shall mean Recipient’s
voluntary termination of any service-provider relationship with Company in one
or more of the following circumstances:

 

(a)                                  After
an assignment to Recipient of any duties inconsistent in any respect with Recipient’s
position (including status, offices, titles and reporting requirement),
authority, duties or responsibilities or any other action by Company that
results in a diminution in Recipient’s position, authority, duties or
responsibilities, excluding for this purpose an isolated, insubstantial and
inadvertent action not taken in bad faith and that is remedied by Company
promptly after receipt of notice thereof given by Recipient;

 

(b)                                 After
decrease in Recipient’s compensation or benefits, other than an isolated,
insubstantial and inadvertent failure not occurring in bad faith and that is
remedied by the Company promptly after receipt of notice thereof given by
Recipient, or a decrease in qualified retirement plan or health insurance
benefits in conjunction with a plan change needed to enable the plans to
satisfy IRS requirements or bring the benefits in line with benefits available
to the officers and directors of an acquiring entity; or

 

(c)                                  After
Company requires Recipient to perform duties at any location that is
outside of a 50-mile radius of his current residence, other than for reasonable
travel required by Company.

 

2

 

6.               Tax Filing; Tax
Withholding. In connection with receiving the Shares, Recipient may elect
to file an election under section 83(b) of the Internal Revenue Code
of 1986, as amended (the “Code”), which election is intended to accelerate the
tax consequences of the transfer, regardless of the potential effect of the
vesting schedule of Section 4 or the risk of forfeiture set forth in Section 5.
The choice to file an 83(b) election is entirely at Recipient’s discretion.
Election under section 83(b) may be made by Recipient on the form attached
hereto as Exhibit A.

 

RECIPIENT UNDERSTANDS THAT TO BE VALID, AN ELECTION
UNDER SECTION 83(b) OF THE CODE MUST BE FILED WITH THE IRS WITHIN 30
DAYS OF THE DATE OF GRANT, A COPY OF THE ELECTION MUST BE PROVIDED TO THE
COMPANY, AND A COPY OF THE ELECTION MUST BE ATTACHED TO RECIPIENT’S FEDERAL
(AND POSSIBLY STATE) INCOME TAX RETURN FOR THE YEAR OF THE ELECTION. RECIPIENT
ACKNOWLEDGES THAT IF HE CHOOSES TO FILE AN ELECTION UNDER SECTION 83(B) OF
THE CODE, IT IS RECIPIENT’S SOLE RESPONSIBILITY, AND NOT THE COMPANY’S, TO MAKE
A VALID AND TIMELY ELECTION.

 

Notwithstanding any contrary provision of this
Agreement, no certificate representing the Shares may be released from the
escrow established pursuant to Section 3 unless and until satisfactory
arrangements (as determined by Company) have been made by Recipient with
respect to the payment of income and employment taxes which Company determines
must be withheld with respect to such Shares.

 

7.                                       Status
as Shareholder. Except as expressly stated in this Agreement, Recipient
shall have the rights and privileges of a shareholder of Company with respect
to all the Shares, regardless of their vested or unvested status, or the fact
that the Shares are held in escrow (as contemplated by Section 3),
including the right to vote such Shares and receive all dividends and
distributions on such Shares.

 

8.                                       Changes
in Shares. In the event of any merger, reorganization, consolidation, recapitalization,
separation, liquidation, stock dividend, split-up, Share combination, or other
change in the corporate structure of Company affecting the Shares, the Shares
will be increased, reduced or otherwise changed, and by virtue of any such
change Recipient will, in the capacity as owner of all the Shares, including
any unvested portion of the Shares, be entitled to new or additional or
different shares of stock, cash or securities, in the same manner as other
shareholders of Common Stock, provided that the new securities replacing the
unvested Shares will be subject to all of the conditions and restrictions that
were applicable to the unvested Shares pursuant to this Agreement. Company in
its absolute discretion at any time may accelerate the vesting of all or
any portion of such new or additional shares of stock, cash or securities,
rights or warrants to purchase securities or shares or other securities
acquired by the exercise of such rights or warrants.

 

9.                                       No
Employment Rights. Nothing in this Agreement will confer upon Recipient any
right to continue in the employ or service of Company or affect the right of Company
to terminate the employment of Recipient at any time with or without cause.

 

3

 

10.                                 Governing
Law. This Agreement shall be governed by and construed with accordance the
laws of the State of Washington.

 

11.                                 Integration.
This Agreement, when read in conjunction with the Plan, contains the entire
agreement and understanding of the parties with respect to the subjects
discussed above, including but not limited to the topics of employment and
equity ownership in Company. The parties agree that this Agreement expressly
supersedes all prior agreements or understandings, written or oral, provided
that if there is any disagreement between the terms of this Agreement and the
Plan, the terms of the Plan shall prevail.

 

4

 

IN WITNESS WHEREOF, the parties have signed this
Agreement, effective as of the date set forth in the first paragraph of this
Agreement.

 

 

	
  COMPANY:

  	
  RECIPIENT:

  
	
   

  	
   

  
	
  ICO
  Global Communications (Holdings) 

  	
   

  	
   

  
	
  Limited

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  
	
  Its: 

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Date:

  	
   

  	
   

  	
  Date: 

  	
   

  	
   

  
								

 

5

 

ICO GLOBAL COMMUNICATIONS (HOLDINGS) LIMITED

RESTRICTED STOCK GRANT AGREEMENT

 

EXHIBIT A

 

Election Under Internal Revenue Code Section 83(b)

 

The
undersigned hereby elects pursuant to §83(b) of the Internal Revenue Code
with respect to the property described below and supplies the following
information in accordance with the regulations promulgated thereunder:

 

1.                                       The
name, address and taxpayer identification number of the undersigned is:

	
  Name:

  	
   

  	
   

  
	
  Address:

  	
   

  	
   

  
	
  SSN:

  	
   

  	
   

  

 

2.                                       Description
of property with respect to which the election is made:

 

                          
(     ) shares of Class A Common Stock of ICO
Global Communications (Holdings) Limited (the “Company”).

 

3.                                       The
property was transferred during the calendar year      .

 

4.                                       The
nature of the restrictions to which property is subject are:

 

Pursuant to the terms of
the ICO Global Communications (Holdings) Limited Amended and Restated 2000
Stock Incentive Plan and a corresponding Restricted Stock Grant Agreement (“Agreement”)
between Company and the undersigned dated as of                      ,
the Shares shall vest upon the earlier of: i) 10 years from the effective date
of the Agreement; or ii) 90 days following the effective date of any
registration under the Securities Exchange Act of 1934, as amended, covering
any class of equity securities of Company. To the extent that Recipient’s
employment with Company terminates for Cause (as defined in the Agreement) or
without Good Reason (as defined in the Agreement), Recipient’s unvested Shares
shall be forfeited and automatically transfer back to Company, without payment
from Company.

 

5.                                       Fair
market value of the property is $            .

 

6.                                       The
amount paid for the property was $                .

 

7.                                       A
copy of this statement was reported to Company.

 

	
   

  	
   

  	
  Dated: 

  	
   

  	
  , 200  .

  
	
  Signature

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Print Name

  	
   

  

 

6

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