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Exhibit
10.7
WS M IDWAY
H OLDINGS , I NC .
S TOCK O
PTION P LAN
S TOCK O
PTION A GREEMENT
(S ERIES A
O PTION /T IME -B ASED
V ESTING )
Unless otherwise defined in
this Stock Option Agreement (this “ Stock Option
Agreement ”), the capitalized terms herein shall have
the same meaning as defined in the Plan (defined below).
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NOTICE OF STOCK OPTION GRANT |
The undersigned Optionee (the
“ Optionee ”) has been granted an Option
to purchase Common Stock of WS Midway Holdings, Inc., a Delaware
corporation (the “ Company ”), subject to
the terms and conditions of the Company’s Stock Option Plan
(the “ Plan ”) and this Stock Option
Agreement, as follows:
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Name of Optionee:
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| Date of
Grant: |
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December
11, 2006 |
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| Exercise
Price per Share: |
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$1,000.00 |
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| Total Number
of Shares Granted: |
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| Termination
Date: |
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March 8,
2016 |
Vesting Schedule: The Option
referenced herein shall vest based upon the continued employment of
Optionee in accordance with the following schedule:
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If Optionee remains in the employ of
the Company through
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Cumulative Percentage of
Shares Vested
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March 8, 2007
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20% |
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March 8, 2008
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40% |
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March 8, 2009
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60% |
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March 8, 2010
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80% |
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March 8, 2011
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100% |
The vesting of the Option shall
accelerate upon a Sale of the Company as set forth in the
Plan.
1
1. Grant of Option .
The Committee hereby grants to the Optionee an option (the “
Option ”) to purchase the number of Shares set
forth herein, at the per Share exercise price set forth herein (the
“ Exercise Price ”), and subject to the
terms and conditions of the Plan, which is incorporated herein by
reference. In the event
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