Corrpro Stock Option Surrender Agreement (Employee Form, December 2000)

Contract Categories: Business Finance › Waiver Agreements
Summary

This agreement is between an employee and Corrpro, where the employee agrees to irrevocably surrender certain stock options for cancellation, effective December 15, 2000. In exchange, the employee may be eligible to receive new stock options in June 2001, provided they remain employed at that time. The new options will have a fair market value exercise price on the grant date and will vest over three years. The agreement clarifies that surrendering options does not guarantee continued employment or create an employment contract.

Read More Arrow
EX-4.16 8 l89002aex4-16.txt EXHIBIT 4.16 1 Exhibit 4.16 STOCK OPTION SURRENDER FORM Employee_____________________________ The following is a list of stock options currently outstanding:
- -------------------- -------------- ------------------------- ------------------------- ----------------------- Stock Option Grant Expiration Exercise Price Number of Options Number of Options Date Date Per share Outstanding Currently Vested - -------------------- -------------- ------------------------- ------------------------- ----------------------- - -------------------- -------------- ------------------------- ------------------------- ----------------------- - -------------------- -------------- ------------------------- ------------------------- -----------------------
I hereby agree to irrevocably surrender for cancellation the following stock options effective December 15, 2000.
- --------------------------------------- ------------------------------------ ---------------------------------- Grant Date of Options to Be Exercise Price of Options to Be Number of Options to Be Surrendered Surrendered Surrendered - --------------------------------------- ------------------------------------ ---------------------------------- - --------------------------------------- ------------------------------------ ---------------------------------- - --------------------------------------- ------------------------------------ ----------------------------------
By surrendering my stock options in accordance with the foregoing, I understand and agree 1) that upon cancellation I will have no further rights under the options I have surrendered. Options not surrendered shall continue to be governed by the applicable option agreement(s); 2) I must be an employee on the date new options are granted and that my surrender of stock options and the Company's promise to issue or actual issuance of new stock options if I am an employee on the new option grant date does not constitute an employment contract; 3) new options to be issued in June 2001 will be subject to the terms of the applicable option agreement which is currently expected to be substantially in the form attached to this surrender form and the provisions of the Corrpro 1997 Long-Term Incentive Plan document; 4) the exercise price of the new options to be granted in June 2001 will be equal to the fair market value of Corrpro stock on the date of such grant and that such exercise price may be either higher or lower than the exercise price of the options being surrendered; 5) that the options to be granted in June 2001 will vest over a three-year period (one-third on each of the first three anniversaries of the date of grant) commencing on the first anniversary of the new option grant date and will not take into consideration the vested status of the options surrendered; 6) I have previously received a copy of the Corrpro 1997 Long-Term Incentive Plan document and the related Prospectus dated March 8, 2000 covering the shares issuable on the exercise of options; 7) I acknowledge that filings with the Securities and Exchange Commission which update such Prospectus are available on the internet (www.sec.gov) and from the Company upon request; ----------- - --------------------------------- ------------------------ Employee Name Date