EX-10.11 9 v031528_ex10-11.txt Exhibit 10.11 [LOGO](TM) INNODATA Innodata Isogen, Inc. ISOGEN Three University Plaza Hackensack, NJ 07601 T (201) 488-1200 F (201) 488-9128 www.innodata-isogen.com Re: Stock options (the "Options") granted under the Company's 1998 Stock Option Plan on November 10, 2003 to purchase an aggregate of 40,000 shares of common stock with an exercise price of $3.35. Shares that are at any time issuable or issued under the Options are referred to herein as the "Shares." Dear Mr. Agress: This is to confirm that effective December 9, 2005, your Options are modified as follows: 1. The Options are vested in full and are exercisable in full. The Options shall expire at the times set forth in the applicable stock option agreements. 2. In addition to the other restrictions on sale, pledge or other disposition set forth in the Plan and the applicable stock option agreements, you shall not (i) until January 10, 2006 sell, pledge, or otherwise dispose of more than 20,836 Shares, less any Previously Sold Shares (as hereinafter defined) and (ii) during each subsequent period from the 10th day of any calendar month to the 9th day of the next calendar month, sell, pledge, or otherwise dispose of a number of Shares greater than (1) the Base Number (as hereinafter defined) for that period, less (2) any then Previously Sold Shares. 3. "Previously Sold Shares" means at any time the number of Shares that you shall theretofore have sold, pledged or otherwise disposed, whether before or after the date of this Agreement. 4. The "Base Number" is 21,669 for the period from January 10, 2006 until the close of business on February 9, 2006, and increases by 833 for each succeeding period from the 10th of each calendar month to the to the 9th day of the next calendar month, so that for example, the Base Number for the period from October 10, 2007 to November 9, 2007 is 39,162. From and after November 10, 2007, the Base Number shall be 40,000. 5. Certificates for Shares that you may not sell, pledge or otherwise dispose will be endorsed with the following restrictive legend, in addition to any other restrictive legend necessary pursuant to applicable securities law, or otherwise: "The sale, pledge or other disposition of these shares is restricted as set forth in an instrument between the stockholder and the Company, a copy of which is on file at the offices of the Company." 6. The restrictions on sale, pledge, or other disposition set forth above will survive any termination of employment (whether voluntary or involuntary and whether or not for cause or for good reason or otherwise), death or disability. 7. This Agreement is binding on you and on your personal representatives and assigns. It may not be changed or terminated orally. Please sign the extra copy of this letter in the space below and return it to the Company to confirm your understanding and acceptance of the terms of this letter. Sincerely, Innodata Isogen, Inc. By: Jack Abuhoff Chief Executive Officer Acknowledged and Agreed: --------------------------------- Stephen Agress