Advanced Fibre Communications, Inc. Notice of Grant of Stock Option to Employee
This agreement notifies an employee of their grant of a stock option to purchase shares of Advanced Fibre Communications, Inc. stock. The option vests over four years, with 25% becoming exercisable after one year of service and the remainder vesting monthly over the next three years. The agreement is subject to the terms of the company's 1996 Stock Incentive Plan. It does not guarantee continued employment and allows either party to end employment at any time. The agreement includes a stock option agreement and a plan summary as attachments.
EXHIBIT 10.47
ADVANCED FIBRE COMMUNICATIONS, INC.
NOTICE OF GRANT OF STOCK OPTION
Notice is hereby given of the following option grant (the “Option”) to purchase shares of the Common Stock of Advanced Fibre Communications, Inc. (the “Corporation”):
OPTIONEE:
GRANT DATE:
VESTING COMMENCEMENT DATE:
EXERCISE PRICE: $ per share
NUMBER OF OPTION SHARES: shares
EXPIRATION DATE:
TYPE OF OPTION: Incentive Stock Option
Non-Statutory Stock Option
EXERCISE SCHEDULE: The Option shall become exercisable with respect to twenty five percent (25%) of the Option Shares upon Optionee’s completion of one (1) year of Service measured from the Vesting Commencement Date and shall become exercisable for the balance of the Option Shares in thirty-six (36) successive equal monthly installments upon Optionee’s completion of each additional month of Service over the forty-eight (48) month period measured from the first anniversary of the Vesting Commencement Date. In no event shall the Option become exercisable for any additional Option Shares after Optionee’s cessation of Service.
Optionee understands and agrees that the Option is granted subject to and in accordance with the terms of the Advanced Fibre Communications, Inc. 1996 Stock Incentive Plan (the “Plan”). Optionee further agrees to be bound by the terms of the Plan and the terms of the Option as set forth in the Stock Option Agreement attached hereto as Exhibit A.
Optionee hereby acknowledges receipt of a copy of the official prospectus for the Plan in the form attached hereto as Exhibit B. A copy of the Plan is available upon request made to the Corporate Secretary at the Corporation’s principal offices.
NO EMPLOYMENT OR SERVICE CONTRACT. Nothing in this Notice or in the attached Stock Option Agreement or in the Plan shall confer upon Optionee any right to continue in Service for any period of specific duration or interfere with or otherwise restrict in any way the rights of the Corporation (or any Parent or Subsidiary employing or retaining Optionee) or of Optionee, which rights are hereby expressly reserved by each, to terminate Optionee’s Service at any time for any reason, with or without cause.
DEFINITIONS. All capitalized terms in this Notice shall have the meaning assigned to them in this Notice or in the attached Stock Option
Agreement.
DATED: , 199
| ADVANCED FIBRE | ||||||
| COMMUNICATIONS, INC. | ||||||
| By: | ||||||
| Title: | ||||||
| OPTIONEE | ||||||
| Address: | ||||||
ATTACHMENTS
EXHIBIT A - STOCK OPTION AGREEMENT
EXHIBIT B - PLAN SUMMARY AND PROSPECTUS
2
EXHIBIT A
STOCK OPTION AGREEMENT
EXHIBIT B
PLAN SUMMARY AND PROSPECTUS
