Option Forfeiture Acknowledgment Letter between Asure Software, Inc. and Pat Goepel (2011)

Contract Categories: Business Finance › Equity Distribution Agreements
Summary

This letter agreement is between Pat Goepel and Asure Software, Inc. Pat Goepel acknowledges the forfeiture of 45,000 unvested stock options previously granted under a 2009 option grant, in exchange for receiving a new option and a revised employment agreement. As a result, Pat Goepel gives up any right to the unvested shares, which will be returned to the company's equity plan for future grants.

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EX-4.14 4 ex4-14.htm ex4-14.htm
EXHIBIT 4.14


________, 2011


Asure Software, Inc.
110 Wild Basin Rd.
Suite 100
Austin, Texas 78746

RE:           Option Grant dated September 25, 2009

To the Board of Directors:
 
I hereby acknowledge that pursuant to a Notice of Grant (the “Grant”) dated September 25, 2009, Asure Software, Inc. (f/k/a Forgent Networks, Inc.) (the “Company”) granted me an option to purchase 800,000 shares of the Company’s common stock.  Pursuant to a subsequent reverse stock split, this number was reduced to 80,000 shares of Common Stock (the “Shares”).  As of the date hereof, 35,000 of these Shares have vested pursuant to the terms of the Grant, and 45,000 remain unvested (the “Unvested Shares”).  In consideration of the receipt of a new option from the Company and entering into a revised Employment Agreement with the Company, I hereby irrevocably forfeit the remaining Unvested Shares pursuant to the Grant.  I agree and acknowledge that as a result of this forfeiture: (i) I have no further right to obtain the Unvested Shares; (ii) such remaining Unvested Shares shall not vest regardless of my service to the Company; and (iii) 45,000 Shares be returned to the Company’s 2009 Equity Plan for further grant.
 
Sincerely,
 
 
Pat Goepel