Looking for an agreement? Search from over 1 million agreements now.

Form Of Consultant's Stock Option Plan

This is an actual contract by 800 Travel Systems.
Browse the agreement preview below and buy the entire agreement for $35
Search This Document
Exhibit 10.3


800 TRAVEL SYSTEMS, INC.


DIRECTORS' STOCK OPTION AGREEMENT
(NON-QUALIFIED STOCK OPTION)


THIS AGREEMENT, made as of this 1st day of April, 1998 by 800 TRAVEL SYSTEMS, INC., a Delaware corporation (the "Company"), with ________________ (the "Holder"):


The Compensation Committee of the Board of Directors (the "Committee") has determined that it would be to the advantage and interest of the Company to grant the option provided for herein to the Holder as an inducement to remain a director of the Company, and as an incentive for increased efforts during such service.


NOW, THEREFORE, the Company with the approval of the Committee hereby grants to the Holder as of the date hereof an option (the "Option") to purchase all or any part of 50,000 shares of Common Stock of the Company, par value $.01 per share, at a price per share of $3.10, and upon the following terms and conditions:


1. The Option shall continue in force through March 31, 2008 (the "Expiration Date"), unless sooner terminated as provided herein. The Option shall become exercisable immediately as of the date first set forth above.


3. If the Holder shall (a) die or (b) become permanently and totally disabled then the Option may be exercised as set forth herein by the Holder or by the person or persons to whom the Holder's rights under the Option pass by will or applicable law, or if no such person has such right, by his executors or administrators, at any time within one year after the date of death of the original Holder, or one year after the date of permanent or total disability, but in either case, not later than the Expiration Date.


4. a. The Holder may exercise the Option with respect to all or any part of the shares then purchasable hereunder by giving the Company written notice in the form annexed, as provided in paragraph 8 hereof, of such exercise. Such notice shall specify the number of shares as to which the Option is being exercised and shall be accompanied by payment in full in cash of an amount equal to the exercise price of such shares multiplied by the number of shares as to which the Option is being exercised; provided that, if permitted by the Board, the purchase price may be paid, in whole or in part, by surrender or delivery to the Company of securities of the Company having a fair market value on the date of the exercise equal to the portion of the purchase price being so paid. In such event fair market value should be determined pursuant to paragraph 5 of the Company's 1997 Stock Option Plan, the terms of which paragraph 5 are incorporated by reference herein by
-- End of Preview --
Home| About Us| FAQ| Subscription | Contact Us |