ADVANCED DIGITAL INFORMATION CORPORATION 1999 STOCK INCENTIVE COMPENSATION PLAN NON-QUALIFIED STOCK OPTION AGREEMENT
Exhibit 10.17
ADVANCED DIGITAL INFORMATION CORPORATION
1999 STOCK INCENTIVE COMPENSATION PLAN
NON-QUALIFIED STOCK OPTION AGREEMENT
ADVANCED DIGITAL INFORMATION CORPORATION (ADIC) grants on , to (Optionee), an option to purchase shares of ADICs authorized but unissued common stock, without par value, at $ per share pursuant to ADICs 1999 Stock Incentive Compensation Plan (the Plan), on the following terms and conditions:
FORM OF OPTION
ADIC intends this stock option to be a non-qualified stock option and not an incentive stock option without charge under IRC Section 422. This option is subject to and will be interpreted in accordance with all terms and conditions of the Plan, as they apply to non-qualified stock options. The Optionee acknowledges receipt of a copy of a summary of the Plan, and may obtain a copy of the Plan upon request to ADICs General Counsel. The terms of the Plan are incorporated by this reference. If any provision of this Agreement conflicts with the Plan, the Plan will control.
EXERCISE OF OPTION
The Option will vest and become exercisable according to the following schedule:
Date of Right to Option | Option Shares |
To the extent that the right to purchase shares has accrued hereunder, this Option may be exercised from time to time by written notice to the Company with payment of the option exercise price and applicable withholding taxes.
** This is an estimated date of right to exercise. The actual date of the right to exercise will coincide with the date of the Annual Meeting.
The term of this Option is ten years from the date of grant.
POST-TERMINATION EXERCISES
If your employment or service relationship with ADIC terminates for any reason before this Option expires, the unvested portion of this Option will terminate automatically as of such date without notice to you. In case of termination of the Optionees employment or service relationship with ADIC for reasons other than cause (as defined in the Plan), death, disability or retirement, the portion of this Option vested as of the termination date will be exercisable by Optionee for the remaining term of the Option or for three months after the termination date, whichever is earlier. In case of termination of the Optionees employment or service relationship with ADIC for reasons of death, disability or retirement, the portion of this Option vested as of the termination date will be exercisable by the Optionee or, in the case of death, by the designated beneficiary or the personal representative of the estate of Optionee for the remaining term of the Option or for one year after the termination date, whichever is earlier. If Optionees employment or service relationship with ADIC is terminated for cause (as defined in the Plan), both the vested and unvested portion of this Option will terminate immediately and you will not be permitted to exercise this Option.
ADVANCED DIGITAL INFORMATION CORPORATION | OPTIONEE | |||
By |
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Its Chairman and Chief Executive Officer | Name & Address |