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EXHIBIT 10.10
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NON-QUALIFIED
STOCK OPTION AGREEMENT
between
SPLITROCK SERVICES, INC.
and
XXXXX XXXXXX
Splitrock Services, Inc. 1997 Incentive Share Plan
Date of Grant: May 28, 1998
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NON-QUALIFIED
STOCK OPTION AGREEMENT
This Non-Qualified Stock Option Agreement (this "Agreement") is made and
entered into on May 28th, 1998 (the "Date of Grant"), between Splitrock
Services, Inc., a Delaware corporation (the "Company"), and the undersigned
optionee (the "Optionee").
WITNESSETH
WHEREAS, the Company has heretofore adopted the Splitrock Services, Inc.
1997 Incentive Share Plan (the "Plan"); and
WHEREAS, the Company desires to grant non-qualified stock options (the
"Option") to the Optionee pursuant to the Plan.
NOW, THEREFORE, the parties hereto agree that this Option is granted under
and governed by (i) the "Terms and Conditions of Non-Qualified Stock Option,"
attached hereto and (ii) the terms and conditions of the Plan.
Subject to the foregoing, the Company hereby grants to the Optionee the
right and option to purchase from the Company up to 1,000,000 shares (the
"Shares") of the Company's common stock (subject to adjustment pursuant to the
terms and conditions of the Plan) at an exercise price of $1.10 per share (the
"Option Price") (subject to adjustment pursuant to the terms and conditions of
the Plan).
IN WITNESS WHEREOF, the parties hereto have executed this Agreement
effective as of the day and year first above written.
SPLITROCK SERVICES, INC.
By: /s/ XXXXXXX X. XXXXXX
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Xxxxxxx X. Xxxxxx
President and Chief Executive Officer
OPTIONEE
Signature: /s/ XXXXX XXXXXX
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Xxxxx XxXxxx
Optionee's Designated Beneficiary:
/s/ XXXX X. XXXXXX
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