EXHIBIT 10.42
FORM OF AMENDMENT TO INCENTIVE STOCK OPTION AGREEMENT
THIS AGREEMENT is made as of March 16, 2001,
BETWEEN:
E*COMNETRIX INC., a company duly incorporated under the Canada
Business Corporations Act, having its registered office at 1100 -
0000 Xxxx Xxxxxxxx Xxxxxx, Xxxxxxxxx, Xxxxxxx Xxxxxxxx, X0X 0X0
(the "Company")
AND:
______________________________________________________________
(the "Optionee")
WHEREAS:
A. By Incentive Stock Option Agreement ___________________, between the
Company and the Optionee, (the "Option Agreement"), the Company granted to the
Optionee the option to purchase all or any portion of ________ common shares of
the Company exercisable on or before _____________ at the price of _______ per
share;
B. The option granted pursuant to the Option Agreement has not been fully
exercised by the Optionee and the parties now wish to further amend the Option
Agreements that for the balance of the option period the exercise price for the
optioned shares more closely approximates the present market price of the
Company's common shares;
NOW THEREFORE THIS AGREEMENT WITNESSES THAT in consideration of the
recitals, the following agreements, the payment of One Dollar ($1.00) made by
each party to the other, and other good and valuable consideration, the receipt
and sufficiency of which is acknowledged by each party, the parties agree as
follows:
1. Paragraph 2 of the Option Agreement be deleted and the following be
substituted therefore:
2. Grant of Option - The Company hereby grants to the Optionee
an option (the "Option") to purchase all or any portion of
_______ fully paid Shares of the Company (the "Optioned
Shares") from the treasury at the price of US$0.50 per
Optioned Share, exercisable on or before the close of business
on _____________ (the "Expiry Date"). Subject to paragraph 6
of this agreement, immediately following the close of business
on the Expiry Date, the Option will expire and this agreement
will terminate and be of no further force or effect
whatsoever.
2. In all other respects, all representations, covenants, clauses,
agreements, provisions, stipulations, conditions, powers, matters and things
whatsoever contained in the Option Agreement are ratified by the parties and
will remain in full force and effect.
3. This agreement and each of its terms and provisions will enure to the
benefit of and be binding upon the parties to this agreement and their
respective heirs, executors, administrators, personal representatives,
successors and assigns.
4. This agreement may be executed in as many counterparts as may be
necessary and by facsimile, each of such counterparts so executed will be deemed
to be an original and such counterparts together will constitute one and the
same instrument and notwithstanding the date of execution will be deemed to bear
the date as of the day and year first above written.
IN WITNESS WHEREOF this agreement has been executed as of the day and year
first above written.
E*COMNETRIX INC.
By:
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