Vitesse Semiconductor Corporation Stock Option Agreement under 2001 Stock Incentive Plan

Contract Categories: Business Finance › Warrant Agreements
Summary

This agreement is between Vitesse Semiconductor Corporation and an employee (the optionee), granting the employee the right to purchase company stock at a set price under the 2001 Stock Incentive Plan. The agreement outlines the number of shares, exercise price, vesting schedule, and expiration date. The option can be exercised within 30 days after employment ends, or longer in cases of death or disability, but never after the stated expiration date. Both parties must sign to accept the terms, which are governed by the company's stock incentive plan.

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EX-10.6 2 dex106.htm FORM OF STOCK OPTION AGREEMENT Form of Stock Option Agreement

EXHIBIT 10.6

 

   

NOTICE OF GRANT OF STOCK OPTIONS

AND OPTION AGREEMENT

 

  

Vitesse Semiconductor Corporation

ID: 77-0138960

 

(Optionee Name)

   Option Number:                                                

(Address)

   Option Plan:    2001 Plan

(City, State, Zip Code)

   Employee ID:                                                

 

You have been granted a Stock Option to purchase Common Stock of Vitesse Semiconductor Corporation (the “Company”), subject to the terms and conditions of the Vitesse Semiconductor Corporation 2001 Stock Incentive Plan (the “Plan”) and this Stock Option Agreement as set forth below.

 

Date of Grant:

                                                                                                                                   

Total Shares Granted:

   

                                                                                                                               

Exercise Price per Share:

   

                                                                                                                               

Total Exercise Price:

   

                                                                                                                               

Type of Option:

   

(Incentive or Non-Qualified Stock Option)

Expiration Date:

   

                                                                                                                               

 

This option shall be exercisable, in whole or in part, according to the following vesting schedule:

 

Number of Shares

   

Vest Date

(number of shares period 1)

    (vest date period 1)

(number of shares period 2)

    (vest date period 2)

(number of shares period 3)

    (vest date period 3)

(number of shares period 4)

    (vest date period 3)

 

This Option may be exercised for a period of thirty (30) days after termination of employment from the Company or such longer period as may be applicable upon Death or Total and Permanent Disability of Optionee, or by other written agreement with the Company, according to the terms and conditions of the Plan, but in no event after the Expiration Date set forth above.

 

By your signature and the Company’s signature below, you and the Company agree that these options are granted under and governed by the terms and conditions of the Vitesse Semiconductor Corporation 2001 Stock Incentive Plan.

 

 

 

Vitesse Semiconductor Corporation

   

Date

 

(Optionee Name)

   

Date