SYPRIS SOLUTIONS, INC. AMENDMENT TO STOCK OPTION AGREEMENTS TO ACCELERATE VESTING PERIODS FOR CERTAIN “UNDERWATER” OPTIONS
EXHIBIT
10.1
SYPRIS
SOLUTIONS, INC.
AMENDMENT
TO STOCK OPTION AGREEMENTS
TO
ACCELERATE VESTING PERIODS
FOR
CERTAIN “UNDERWATER” OPTIONS
THIS
AMENDMENT
(“Amendment”)
to your
Stock Option Agreements is made by and between Sypris Solutions, Inc. a Delaware
corporation located at 000 Xxxxxxx Xxxx, Xxxxx 000, Xxxxxxxxxx, XX (“Company”)
and the
undersigned Optionee, effective as of December 31, 2005.
| 1. |
For
Unvested Options with Option Prices above or equal to $9.98 (the
“Accelerated
Options”),
the Vesting Periods are hereby amended to allow each such Accelerated
Option to be exercised at any time after December 31, 2005, until its
expiration under the terms of the Plan and your
Agreements.
|
| 2. |
“Option
Price”
means the price to be paid for Common Stock upon the exercise of an
Unvested Option, as set forth in the Plan and your Agreements.
|
| 3. |
“Plan”
means
the 2004 Sypris Equity Plan.
|
| 4. |
“Stock
Option Agreements” or
the “Agreements”
includes each of your stock option award agreements under the
Plan.
|
| 5. |
“Unvested
Options”
means only those unvested stock option grants made to you under the
Plan
which have not been exercised, forfeited or terminated as of December
31,
2005.
|
| 6. |
“You”
or
“your”
means the undersigned Optionee.
|
| 7. |
All
other capitalized terms herein shall have the meanings given to them
in
the Plan and the Agreements, whether capitalized in the Plan and the
Agreements or not.
|
IN
WITNESS WHEREOF,
the
parties have executed this Amendment in duplicate to be effective as of the
date
first above written.
SYPRIS
SOLUTIONS, INC. OPTIONEE
By
_____________________ _______________________
Xxxxxxx
X. Xxxx
President
& CEO
_______________________
(Printed
Name)
