AMENDMENT TO STOCK OPTION AGREEMENTS ESTABLISHING POST-EMPLOYMENT EXERCISE PERIODS FOR CERTAIN VESTED OPTIONS
EX-10.7 3 dex107.htm AMENDMENT TO STOCK OPTION AGREEMENTS Amendment to Stock Option Agreements
Exhibit – 10.7
AMENDMENT TO STOCK OPTION AGREEMENTS
ESTABLISHING POST-EMPLOYMENT EXERCISE PERIODS
FOR CERTAIN VESTED OPTIONS
THIS AMENDMENT (“Amendment”) to your Stock Option Agreements is made by and between Sypris Solutions, Inc. a Delaware corporation located at 101 Bullitt Lane, Suite 450, Louisville, KY (“Company”) and the undersigned Optionee (“you” or “your”), effective as of April 25, 2005.
| 1. | “Agreements” are the stock option agreements which govern Amended Options. |
| 2. | “Amended Options” are all stock options issued to you under the Plan, excluding: a) options granted on April 7, 1997 at Option Prices of $4.24 or on February 27, 2001 at Option Prices of $6.25, or b) options remaining unvested on May 13, 2005. |
| 3. | “Plan” is the Sypris Solutions, Inc. 1994 Stock Option Plan for Key Employees. |
| 4. | The Agreements are each amended to delete the termination of your employment as an event which triggers the Expiration Date of any Amended Option. |
| 5. | The Expiration Date of Amended Options granted on March 22, 1996 or on April 28, 1998 is amended to be no later than March 14, 2005. |
| 6. | All other capitalized terms herein shall have the meanings given to them in the Plan or the Agreements, whether originally capitalized in such documents or not. |
IN WITNESS WHEREOF, the parties have executed this Amendment in duplicate to be effective as of the date first above written.
| SYPRIS SOLUTIONS, INC. | OPTIONEE | |||||
| By | /S/ JEFFREY T. GILL | /S/ DAVID D. JOHNSON | ||||
| Jeffrey T. Gill | David D. Johnson | |||||
| President & CEO | ||||||
