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Document Preview Non-Qualified Stock Option Agreement |
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Title: |
Non-Qualified Stock Option Agreement |
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Entities: |
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Date: |
2000 |
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Preview shows 3KB of 16KB total |
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Price: |
$43 |
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ID: |
#1404384 |
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<SEQUENCE>11
<FILENAME>0011.txt
<DESCRIPTION>EXHIBIT 10.35
<TEXT>
<PAGE>
NON-QUALIFIED STOCK OPTION AGREEMENT
This AGREEMENT made as of the 10 day of July, 2000 (this "Agreement"), by
and between LogiMetrics, Inc., a Delaware corporation (the "Corporation"), and
Jean-Francois Carreras (the "Optionee").
WITNESSETH THAT:
WHEREAS, the Board of Directors of the Corporation (the "Board") (with the
Optionee abstaining) approved a one-time payment of $75,000 (the "Special
Compensation") to each of the outside directors in the form of cash, stock
and/or options (including the Optionee);
WHEREAS, the Board has decided to grant options to the Optionee to acquire
one hundred fifty thousand (150,000) shares of the Corporation's common stock
(the "Common Stock") as payment in full by the Company of the Special
Compensation due Optionee upon consummation of the transactions contemplated by
that certain Purchase Agreement, dated July 10, 2000, between the Corporation
and L-3 Communications Corporation; and
WHEREAS, the Corporation hereby agrees to grant options to the Optionee to
acquire one hundred fifty thousand (150,000) shares of the Corporation's Common
Stock, and the Optionee hereby accepts such grant as payment in full of the
Special Compensation, 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 one hundred fifty
thousand (150,000) 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.
<PAGE>
(b) The exercise price shall be $0.54 per share (the "Option Price").
(c) The Option shall be one hundred percent (100%) exercisable on the date
of grant.
2. Payment of Special Compensation
The Optionee hereby acknowledges payment in full of the Special
Compensation.
3. 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
in full for the shares of Common Stock to be purchased. The date of such
exercise shall be the date on which the Corporation receives such notice. Such
notice shall state the number of shares of Common Stock for which the Option is
exercised. The purchase price of any shares purchased upon the exercise of the
Option or any portion thereof shall be paid in full at the time of exercise of
the Option by certified or bank cashier's check payable to the order of the
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