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NON-QUALIFIED STOCK OPTION

Option Agreement

NON-QUALIFIED STOCK OPTION | Document Parties: WESTELL TECHNOLOGIES INC You are currently viewing:
This Option Agreement involves

WESTELL TECHNOLOGIES INC

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Title: NON-QUALIFIED STOCK OPTION
Date: 2/9/2009
Industry: Communications Equipment     Sector: Technology

NON-QUALIFIED STOCK OPTION, Parties: westell technologies inc
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WESTELL TECHNOLOGIES, INC.

 

 

NON-QUALIFIED STOCK OPTION

 

 

THIS NON-QUALIFIED STOCK OPTION, dated as set forth in the attached Memorandum is granted by WESTELL TECHNOLOGIES, INC. (the "Company"), to the Employee as set forth in the attached Memorandum (the “Employee”) pursuant to the Company's 2004 Stock Incentive Plan (the "Plan").

 

 

1.

OPTION GRANT

 

The Company hereby grants to the Employee an option to purchase total shares as set forth in the attached Memorandum of Class A Common Stock of the Company at an option price per share as set forth in the attached Memorandum. This option is not intended to qualify as an “incentive stock option” within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended.

 

 

2.

TIME OF EXERCISE

 

This option may be exercised (in the manner described in paragraph 3 hereof) in whole or in part, at any time and from time to time, subject to the following limitations:

 

(a) This option may not be exercised to any extent until the first anniversary of the Date of Grant. This option may be exercised to a maximum cumulative extent of 20% of the total shares covered hereby on and after the first anniversary of the Date of Grant; 40% of the total shares commencing on and after the second anniversary of the Date of Grant; 60% of the total shares commencing on and after the third anniversary of the Date of Grant; 80% of the total shares commencing on and after the fourth anniversary of the Date of Grant; and shall be fully exercisable on and after the fifth anniversary of the Date of Grant. In the event that the Employee's employment with the Company or a subsidiary terminates by reason of total disability or death prior to the fifth anniversary of the Date of Grant, then the portion of the option which may be

 

 

 


exercised shall be determined as if the Employee remained an employee of the Company until the next anniversary of the Date of Grant.

 

(b) For these purposes, employment shall be deemed to continue after termination of full-time employment for any period during which the Employee remains a part-time employee of the Company or a consultant to the Company as determined by the sole discretion of the Stock Incentive Committee.

 

(c) This option may not be exercise


 
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