EX-99.25 20 dex9925.htm NON-STATUTORY STOCK OPTION AGREEMENT DATED APRIL 3, 2000 NON-STATUTORY STOCK OPTION AGREEMENT DATED APRIL 3, 2000

Exhibit 25

 

cbs logo Switchboard.com

 

AMENDMENT TO STOCK OPTION AGREEMENT(S)

 

April 3, 2000

 

WHEREAS Switchboard Incorporated, a Delaware corporation (the “Company”), and the undersigned optionee (the “Optionee”) are parties to the Stock Option Agreement(s) (the “Option Agreement(s)”) granting the Optionee the right to purchase shares of the Company’s common stock at a prescribed exercise price(s) (the “Option(s)”), as set forth and described in greater detail on Schedule A attached hereto; and

 

WHEREAS the Board of Directors of the Company has voted to amend all stock option agreements which represent outstanding options granted by the Company pursuant to the Company’s 1996 Stock Incentive Plan, as amended, and 1999 Stock Incentive Plan, to provide for the early exercise of unvested stock options for restricted stock;

 

NOW THEREFORE, the Option Agreement(s) is/are hereby amended to provide for the following Early Exercise Alternative in each individual Option Agreement:

 

Early Exercise Alternative. Notwithstanding the vesting schedule set forth in the Option Agreement(s), the Optionee may elect to exercise the Option(s) as to the unvested shares (in addition to the vested shares) if simultaneously with such exercise the Optionee enters into a Stock Restriction Agreement with the Company in the form attached hereto as Exhibit A (the “Stock Restriction Agreement”). The Stock Restriction Agreement provides that the unvested shares shall be subject to a right of repurchase (the “Purchase Option”) in favor of the Company at the exercise price specified in the Option Agreement(s) (as adjusted pursuant to the terms of the Option Agreement(s)) in the event that the Optionee ceases to be employed by the Company.

 

Executed as of the date set forth above.

 

SWITCHBOARD INCORPORATED

By:  

/s/    JOHN JEWETT        


Name:

 

John Jewett

Title:

 

VP and Chief Financial Officer

 

OPTIONEE

Signature:

 

/s/    ROBERT WADSWORTH        


Print Name:

 

Robert M. Wadsworth


Date Signed:

 

6/8/00



Schedule A

 

Employee Name


  

Plan/

Type


  

Date of

Grant


  

Exercise Price

Per Share


  

Number of Shares

of Common Stock

Subject to Option


Wadsworth, Robert

   1996/NQ    09/14/1999    $ 8.50    40,000