Stock Option
Agreement ( )
Dated
— Page 2
EXHIBIT 10.52
|
|
|
|
Notice of Grant of
Stock Option &
|
|
Sterling Construction
Company, Inc.
|
|
|
|
Taxpayer ID
#:25-1655321
|
|
|
|
2751 Centerville Road
— Suite 3131
|
|
|
|
Wilmington, Delaware
19803
|
Optionee
:
Grant Date:
Option Shares:
Option Price Per
Share:
Option Expiration
Date:
Option Plan:
2001 Stock Incentive Plan
Effective on the Grant Date set
forth above, Sterling Construction Company, Inc. (the
“Company” ) has granted to you a stock option
that to the extent permissible under applicable tax laws and
regulations is intended to be an Incentive Stock Option as
defined in Section 422 of the Internal Revenue Code of 1986,
as amended, and any regulations thereunder (the
“Code” ) to purchase the number of Option Shares
of the Company’s common stock (par value $0.01 per share) set
forth above at the Option Price Per Share set forth above, on the
condition that you enter into this Option Agreement with the
Company.
The Option Shares become
exercisable (vest) in installments from and after the vesting
dates set forth below:
|
|
|
|
|
Number of
|
|
|
|
Option Shares
|
|
Vesting Date
|
You may purchase any one or more
of the Option Shares that become exercisable on a given date from
that date through and including the Option Expiration Date set
forth above, unless this Option is sooner terminated or ceases to
be exercisable as provided in this Agreement or in the Option
Plan.
By signing this Option Agreement,
you and the Company agree that this Option is governed by the terms
and conditions set forth on this page and on the following Pages 2
and 3 of this Option Agreement as well as by the terms and
conditions of the Option Plan, a copy of which has been furnished
to you. An additional copy of the Option Plan will be furnished to
you on request to the Company’s Treasurer.
|
|
|
|
|
|
|
Sterling
Construction Company, Inc.
|
|
Optionee
|
|
|
|
|
|
|
|
By:
|
|
|
|
|
|
|
|
|
|
|
|
Patrick T.
Manning
|
|
|
|
Chairman &
Chief Executive Officer
|
|
|
Stock Option
Agreement ( )
Dated
— Page 2
Additional Stock
Option Agreement Terms
Exercises . For an exercise to be effective, the Company
must receive from you:
A written notice signed by you stating the
Option Grant Date and the number of Option Shares you wish to
purchase; and
Payment for the Option Shares either (i) by
personal, cashier’s or certified check; or (ii) by the
surrender of shares of the Company’s Common Stock that you
have held for at least six months and that have a fair market value
(as defined in the Plan) on the date of exercise equal to the
purchase price of the Option Shares being purchased, or a
combination of both, all according to the rules and regulations
relating to the Plan.
Issuance of Option
Shares .
You will have no rights as a shareholder of the
Company with respect to any Option Shares purchased under this
Option until a certificate representing such shares has been issued
and delivered to you.
The Company will not be obligated to deliver a
certificate for any Option Shares unless —
|
|
(i)
|
Provision acceptable to the Company
has been made for the payment of any federal, state and local taxes
that are due or that are required to be withheld by the Company
because of the purchase of the Option Shares; and
|
|
|
|
|
(ii)
|
There has been compliance with all
federal and state laws and regulations, in particular, the
Securities Act of 1933 and the Securities Exchange Act of 1934 and
the regulations promulgated under those acts, that the Company
deems applicable, and all other legal matters in connection with
the issuance and delivery of the Option Shares have been approved
by the Company’s counsel.
|
|
|
Non-Transferability . During your lifetime, this Option may only be
exercised by you or in the case of your disability, by your legal
representative. In addition, this Option may not be assigned,
transferred, pledged or otherwise encumbered, either voluntarily or
by operation of law, except (a) by your will or according to
the laws of descent and distribution; or (b) to immediate
family members (as defined in the Option Plan) to the extent
permitted by applicable laws.
Termination of Employment
. For purposes of this
Section 4 , the word “Company” includes the
Company’s subsidiaries, and the “Termination
Date” means the date that you cease to have an employment
relationship with the Company.
If your employment terminates by reason of
(i) your disability (within the meaning of
Section 22(e)(3) of the Code;) or (ii) your death; or if
you should die within three months after the Termination Date
(unless termination was for Cause, as defined below), then this
Option may nevertheless be exercised by you, by your legal
representative, by your estate, or by your beneficiaries, as the
case may be, but only to the extent it was exercisable on the
Termination Date and only on or before the earlier to occur of
(x) the first anniversary of the Termination Date and
(y) the Option Expiration Date.
If your employment is terminated pursuant to a
“cause” or “good reason” provision of any
employment agreement between you and the Company and/or any of its
subsidiaries ,or absent such an agreement, for Cause (as defined
below,) then this Option will terminate effective upon the
Termination Date.
If your employment terminates for any reason
other than those set forth in Sections 4(a) or 4(b) ,
above, then this Option may nevertheless be exercised by you, but
only to the extent it was exercisable on the Termination Date and
only on or before the earlier to occur of (i)&nbs