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EXHIBIT 99.1
POLITICS.COM, INC.
2000 NON-QUALIFIED STOCK OPTION PLAN
SECTION I. PURPOSE OF THE PLAN.
The purpose of this Politics.com, Inc. 2000 Non-Qualified Stock Option
Plan (the "2000 Plan") is (i) to provide long-term incentives and rewards to
those key employees (the "Employee Participants") of Politics.com, Inc., a
Delaware corporation (the "Corporation") and its subsidiaries (if any), and any
other persons (the "Non-employee Participants") who are in a position to
contribute to the long-term success and growth of the Corporation and its
subsidiaries, (ii) to assist the Corporation in retaining and attracting
executives, key employees and consultants with requisite experience and ability,
and (iii) to associate more closely the interests of such executives, key
employees and consultants with those of the Corporation's stockholders.
SECTION II. DEFINITIONS.
"CODE" the Internal Revenue Code of 1986, as amended.
"COMMON STOCK" is the $0.00001 par value common stock of the
Corporation.
"COMMITTEE" is defined in Section III, paragraph (a).
"CORPORATION" is defined in Section I.
"EMPLOYEE PARTICIPANTS" is defined in Section I.
"FAIR MARKET VALUE" of any property is the value of the property
as reasonably determined by the Committee.
"INCENTIVE STOCK OPTION" is an option which qualifies under Section
422 of the Code.
"2000 PLAN" is defined in Section I.
"NON-EMPLOYEE PARTICIPANTS" is defined in Section I.
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"NON-QUALIFIED OPTION" is a Stock Option which does not qualify as an
Incentive Stock Option or for which the Committee provides, in the terms
of such option and at the time such option is granted, that the option
shall not be treated as an Incentive Stock Option.
"PARENT CORPORATION" has the meaning provided in Section 424(e) of the
Code.
"PARTICIPANTS" are all persons who are either Employee Participants or
Non-employee Participants.
"PERMANENT AND TOTAL DISABILITY" has the meaning provided in Section
22(e)(3) of the Code.
"RULE 16b-3" means Securities and Exchange Commission Rule 16b-3.
"SECTION 16" means Section 16 of the Securities Exchange Act of 1934,
as amended, or any similar or successor statute, and any rules, regulations,
or policies adopted or applied thereunder.
"STOCK OPTIONS" are rights granted pursuant to this 2000 Plan to
purchase shares of Common Stock at a fixed price.
"SUBSIDIARY CORPORATION" has the meaning provided in Section 424(f) of
the Code.
SECTION III. ADMINISTRATION.
(a) THE COMMITTEE. This 2000 Plan shall be administered by the Board of
Directors or by a compensation committee consisting solely of two or more
"non-employee directors," as defined in Rule 16b-3, who shall be designated by
the Board of Directors of the Corporation (the administering body is hereafter
referred to as the "Committee"). The Committee shall serve at the pleasure of
the Board of Directors, which may from time to time, and in its sole discretion,
discharge any member, appoint additional new members in substitution for those
previously appointed and/or fill vacancies however caused. A majority of the
Committee shall constitute a quorum and the acts of a majority of the members
present at any meeting at which a quorum is present shall be deemed the action
of the Committee. No person shall be eligible to be a member of the Committee if
that person's membership would prevent the plan from complying with Section 16,
if applicable to the Corporation.
(b) AUTHORITY AND DISCRETION OF THE COMMITTEE. Subject to the express
provisions of this 2000 Plan and provided that all actions taken shall be
consistent with the purposes of this 2000 Plan, and subject to ratification by
the Board of Directors only if required by applicable
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law, the Committee shall have full and complete authority and the sole
discretion to: (i) determine those persons who shall constitute key employees
eligible to be Employee Participants; (ii) select the Participants to whom Stock
Options shall be granted under this 2000 Plan; (iii) determine the size and the
form of the Stock Options, if any, to be granted to any Participant; (iv)
determine the time or times such Stock Options shall be granted including the
grant of Stock Options in connection with other awards made, or compensation
paid, to the Participant; (v) establish the terms and conditions upon which such
Stock Options may be exercised and/or transferred, including the exercise of
Stock Options in connection with other awards made, or compensation paid, to the
Participant; (vi) make or alter any restrictions and conditions upon such Stock
Options and the Common Stock received on exercise thereof, including, but not
limited to, providing for limitations on the Participant's right to keep any
Common Stock received on termination of employment; (vii) determine whether the
Participant or the Corporation has achieved any goals or otherwise satisfied any
conditions or requirements that may be imposed on or related to the exercise of
Stock Options; and (viii) adopt such rules and regulations, establish, define
and/or interpret these and any other terms and conditions, and make all
determinations (which may be on a case-by-case basis) deemed necessary or
desirable for the administration of this 2000 Plan.
(c) APPLICABLE LAW. This 2000 Plan and all Stock Options shall be governed
by the law of the state in which the Corporation is incorporated.
SECTION IV. TERMS OF STOCK OPTIONS.
(a) AGREEMENTS. Stock Options shall be evidenced by a written agreement
between the Corporation and the Participant awarded the Stock Option. This
agreement shall be in such form, and contain such terms and conditions (not
inconsistent with this 2000 Plan) as the Committee may determine. The agreement
shall include the following or a similar statement: "This stock option is not
intended to be an Incentive Stock Option, as that term is described in Section
422 of the Internal Revenue Code of 1986, as amended."
(b) TERM. Stock Options shall be for such periods as may be determined by
the Committee.
(c) PURCHASE PRICE. The purchase price of shares purchased pursuant to any
Stock Option shall be determined by the Committee, and shall be paid by the
Participant or other person permitted to exercise the Stock Option in full upon
exercise, (i) in cash, (ii) by delivery of shares of Common Stock (valued at
their Fair Market Value on the date of such exercise), (iii) any other property
(valued at its Fair Market Value on the date of such exercise), or (iv) any
combination of cash, stock and other property, with any payment made pursuant to
subparagraphs (ii), (iii) or
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(iv) only as permitted by the Committee, in its sole discretion. In no event
will the purchase price of Common Stock be less than the par value of the Common
Stock.
(d) RESTRICTIONS. At the discretion of the Committee, the Common Stock
issued pursuant to the Stock Options granted hereunder may be subject to
restrictions on vesting or transferability. For the purposes of this limitation,
options shall be taken into account in the order granted.
(e) WITHHOLDING OF TAXES. Pursuant to applicable federal, state, local or
foreign laws, the Corporation may be required to collect income or other taxes
upon the grant of a Stock Option to, or exercise of a Stock Option by, a holder.
The Corporation may require, as a condition to the exercise of a Stock Option,
or demand, at such other time as it may consider appropriate, that the
Participant pay the Corporation the amount of any taxes which the Corporation
may determine is required to be withheld or collected, and the Participant shall
comply with the requirement or demand of the Corporation. In its discretion, the
Corporation may withhold shares to be received upon exercise of a Stock Option
if it deems this an appropriate method for withholding or collecting taxes.
(f) SECURITIES LAW COMPLIANCE. Upon exercise (or partial exercise) of a
Stock Option, the Participant or other holder of the Stock Option shall make
such representations and furnish such information as may, in the opinion of
counsel for the Corporation, be appropriate to permit the Corporation to issue
or transfer Common Stock in compliance with the provisions of applicable federal
or state securities laws. The Corporation, in its discretion, may postpone the
issuance and delivery of Common Stock upon any exercise of this Option until
completion of such registration or other qualification of such shares under any
federal or state laws, or stock exchange listing, as the Corporation may
consider appropriate. Furthermore, the Corporation is not obligated to register
or qualify the shares of Common Stock to be issued upon exercise of a Stock
Option under federal or state securities laws (or to register or qualify them at
any time thereafter), and it may refuse to issue such shares if, in its sole
discretion, registration or exemption from registration is not practical or
available. The Corporation may require that prior to the issuance or transfer of
Common Stock upon exercise of a Stock Option, the Participant enter into a
written agreement to comply with any restrictions on subsequent disposition that
the Corporation deems necessary or advisable under any applicable federal and
state securities laws. Certificates of Stock issued hereunder shall bear a
legend reflecting such restrictions.
(g) RIGHT TO STOCK OPTION. No employee of the Corporation or any other
person shall have any claim or right to be a participant in this 2000 Plan or to
be granted a Stock Option hereunder. Neither this 2000 Plan nor any action taken
hereunder shall be construed as giving any person any right to be retained in
the employ of the Corporation. Nothing contained hereunder shall be construed as
giving any person any equity or interest of any kind in any assets of the
Corporation or creating a trust of any kind or a fiduciary relationship of any
kind between
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the Corporation and any such person. As to any claim for any unpaid amounts
under this 2000 Plan, any person having a claim for payments shall be an
unsecured creditor.
(h) INDEMNITY. Neither the Board of Directors nor the Committee, nor any
members of either, nor any employees of the Corporation or any parent,
subsidiary, or other affiliate, shall be liable for any act, omission,
interpretation, construction or determination made in good faith in connection
with their responsibilities with respect to this 2000 Plan, and the Corporation
hereby agrees to indemnify the members of the Board of Directors, the members of
the Committee, and the employees of the Corporation and its parent or
subsidiaries in respect of any claim, loss, damage, or expense (including
reasonable counsel fees) arising from any such act, omission, interpretation,
construction or determination to the full extent permitted by law.
(i) PARTICIPATION BY FOREIGNERS. Without amending this 2000 Plan, the
Committee may modify grants made to participants who are foreign nationals or
employed outside the United States so as to recognize differences in local law,
tax policy, or custom.
SECTION V. AMENDMENT AND TERMINATION: ADJUSTMENTS UPON CHANGES IN STOCK.
The Board of Directors of the Corporation may at any time, and from time
to time, amend, suspend or terminate this 2000 Plan or any portion thereof,
provided that no amendment shall be made without approval of the Corporation's
stockholders if such approval is necessary to comply with any applicable rules
or regulations of the Securities and Exchange Commission, including Rule 16b-3
(or any successor rule thereunder), or the rules and regulations of any exchange
or stock market on which the Corporation's securities are listed or quoted.
Except as provided herein, no amendment, suspension or termination of this 2000
Plan may affect the rights of a Participant to whom a Stock Option has been
granted without such Participant's consent. If there shall be any change in the
Common Stock or to any Stock Option granted under this 2000 Plan through merger,
consolidation, reorganization, recapitalization, stock dividend, stock split or
other change in the corporate structure of the Corporation, appropriate
adjustments may be made by the Committee (or if the Corporation is not the
surviving corporation in any such transaction, the Board of Directors of the
surviving corporation, or its designee) in the aggregate number and kind of
shares subject to this 2000 Plan, and the number and kind of shares and the
price per share subject to outstanding options. In connection with the
foregoing, the Committee may issue new Stock Options in exchange for outstanding
Stock Options.
SECTION VI. SHARES OF STOCK SUBJECT TO THE PLAN.
The number of shares of Common Stock that may be the subject of awards
under this 2000 Plan shall not exceed an aggregate of 2,500,000 shares. Shares
to be delivered under this 2000 Plan may be either authorized but unissued
shares of Common Stock or treasury shares. Any
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shares subject to an option hereunder which for any reason terminates, is
cancelled or otherwise expires unexercised, and any shares reacquired by the
Corporation due to restrictions imposed on the shares, shares returned because
payment is made hereunder in stock of equivalent value rather than in cash,
and/or shares reacquired from a recipient for any other reason shall, at such
time, no longer count towards the aggregate number of shares which have been the
subject of Stock Options issued hereunder, and such number of shares shall be
subject to further awards under this 2000 Plan, provided, first, that the total
number of shares then eligible for award under this 2000 Plan may not exceed the
total specified in the first sentence of this Section VI, and second, that the
number of shares subject to further awards shall not be increased in any way
that would cause this 2000 Plan or any Stock Option to not comply with Section
16, if applicable to the Corporation.
SECTION VII. EFFECTIVE DATE AND TERM OF THIS PLAN.
The effective date of this 2000 Plan is June 8, 2000 (the "Effective
Date") and awards under this 2000 Plan may be made for a period of ten years
commencing on the Effective Date. The period during which a Stock Option may be
exercised may extend beyond that time as provided herein.
DATE OF APPROVAL BY STOCKHOLDERS: N/A
DATE OF APPROVAL BY BOARD OF DIRECTORS: June 8, 2000
