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Exhibit 10.36
KEY EMPLOYEE
SHARE OPTION AGREEMENT
Dated December 1, 1998
This agreement supercedes and replaces the original agreement dated May 9, 1996.
Loran Network Holding Corporation Inc. (the Company) hereby grants Leighton
Powell (a key Employee) effective October 1, 1994, the option to purchase
750,000 of its Class A common voting shares at a price of $0.11 per share in the
first year, $0.13 in the second year, and $0.15 in the third year. This option
shall terminate in eight years from its effective date, which is September 30,
2002.
The right to purchase these shares will become available to Leighton Powell at
the end of each of the three years starting from October 1, 1994. The amount of
each such purchase shall be restricted to 33% of the total number of shares;
which amounts to 250,000 shares per year. In the event of, and at the time that
the company or any of its subsidiaries is sold or makes an offering of its
shares to the public, Leighton Powell will have the right to purchase all
remaining shares not purchased. Leighton Powell may elect to delay any or all of
the purchases until the termination date of this complete option on September
30, 2002. Any shares not purchased within 30 days after this termination date
will not be available to Leighton Powell.
This option is in effect only while Leighton Powell is directly employed to the
Company or any of its subsidiaries. If Leighton Powell dies while employed by
the Company, his estate, personal representative or beneficiary may exercise
this option at any time within 90 days after such death. The number of shares
available for purchase will be those which would have become available to
Leighton Powell at the time of his death.
Loran Network Holding Corporation Inc. I agree to the above terms
/s/ D. A. Levy /s/ Leighton Powell
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David Levy Leighton Powell
Chairman
