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Non-Qualified Stock Option Agreement

 

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Title:

Non-Qualified Stock Option Agreement

Entities:

Logimetrics Inc

Date:

2000

Size:

Preview shows 4KB of 18KB total

Price:

$37

ID:

#1404378

 

 

► Miscellany ► Option ► Stock ► Non-Qualified Stock Option Agreements

 

 

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<SEQUENCE>9

<FILENAME>0009.txt
<DESCRIPTION>EXHIBIT 10.33
<TEXT>

<PAGE>


NON-QUALIFIED STOCK OPTION AGREEMENT


This AGREEMENT made as of the 10th day of July, 2000 (this "Agreement"), by
and between LOGIMETRICS, INC., a Delaware corporation (the "Corporation"), and
NORMAN M. PHIPPS (the "Optionee").

WITNESSETH THAT:

WHEREAS, the Board of Directors of the Corporation (the "Board") has
decided to grant options to the Optionee to acquire seven hundred fifty thousand
(750,000) shares of the Corporation's common stock (the "Common Stock") upon
consummation of the transactions contemplated by that certain Purchase
Agreement, dated July 10, 2000 (the "Purchase Agreement"), between the
Corporation and L-3 Communications Corporation ("L-3"); and

WHEREAS, the Corporation hereby agrees to grant options to the Optionee to
acquire seven hundred fifty thousand (750,000) shares of the Corporation's
Common Stock pursuant to the Company's Amended and Restated 1997 Stock
Compensation Program and the Optionee hereby accepts such grant, subject to the
terms and conditions set forth herein;

NOW, THEREFORE, in consideration of the foregoing and the mutual agreements
herein contained, and other good and valuable consideration, the receipt and
sufficiency of which are hereby acknowledged, the parties hereto, intending to
be legally bound, agree as follows:

1. Grant of Option; Time of Exercise

(a) The Corporation hereby grants the Optionee a stock option (the
"Option") to purchase from the Corporation an aggregate of 750,000 shares of
Common Stock in the manner and subject to the terms and conditions provided in
this Agreement. It is intended that the Option shall constitute a non-qualified
stock option.

(b) The exercise price shall be $0.54 per share (the "Option Price").

(c) Except as provided in Section 1(d), the Option shall vest and become
exercisable as follows:

Date Percentage Exercisable
---- ----------------------
July 10, 2001 33 1/3%
July 10, 2002 33 1/3%
July 10, 2003 33 1/3%




<PAGE>


(d) In the event (i) the Optionee is terminated by the Corporation for
reasons other than Cause (as defined in the Employment Agreement, dated the date
hereof, between the Optionee and the Corporation (the "Employment Agreement"),
(ii) the Optionee terminates his employment with the Corporation for Good Reason
(as defined in the Employment Agreement), or (iii) of a Change of Control (as
defined below) of the Corporation, then, in each case, the Option shall
immediately vest 100% and become exercisable in its entirety. As used herein, a
"Change of Control" shall be deemed to occur at any time after the date hereof
when the number of representatives designated by L-3 to the Board no longer
constitutes a majority of the Board as then constituted.

2. Method of Exercise

The Option may be exercised from time to time by giving written notice
thereof to the Chief Financial Officer of the Corporation, together with payment

 

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