Stock Options. On the Effective Date, the Company shall grant to the Employee five year options in the Company’s customary form (the “Options”) subject to the Company’s 2014 Incentive Stock Plan (the “Plan”), exercisable (when vested) to purchase for cash or by cashless exercise up to 200,000 shares of Company Common Stock at a price equal to the closing price of such shares on the date of this Agreement, vesting, provided the Employee is still employed by the Company, as follows: # 50,000 shares on the Effective Date, # 50,000 shares on December 31, 2015, and # 50,000 shares on December 31, 2016, and # 50,000 shares on December 31, 2017; provided that 75,000 of the Options (consisting of 50,000 Options vesting on December 31, 2017 and 25,000 Options vesting on December 31, 2016) are granted subject to stockholder approval of the Company’s proposed increase in the Plan, submitted for approval at the March 10, 2015 Annual Meeting of Stockholders of the Company.
Stock Options. On the Effective Date, the Company shall grant to the Employee five year options in the Company’s customary form (the “Options”) subject to the Company’s 2014 Incentive Stock Plan (the “Plan”), exercisable (when vested) to purchase for cash or by cashless exercise up to 200,000that number of shares of Company Common Stock at a price equal to the closing price of such shares on the date of this Agreement, vesting, provided the Employee is still employed by the Company, as follows: # 50,000 shares on the Effective Date, # 50,000 shares on December 31, 2015, and # 50,000 shares on December 31, 2016, and # 50,000 shares on December 31, 2017; provided that 75,000 of the Options (consisting of 50,000 Options vesting on December 31, 2017 and 25,000 Options vesting on December 31, 2016) are granted subject to stockholder approval of the Company’s proposed increase in the Plan, submitted for approval at the March 10, 2015 Annual Meeting of StockholdersCommon Stock equal to two percent (2%) of the Company.Company’s then issued and outstanding shares of common stock (including preferred stock on an as-converted basis) (“Employee Options”). The Employee Options shall have a 5-year term and the exercise price shall be equal to the 5-day average closing price of the Company’s Common Stock as of the Effective Date.
Stock Options. On the Effective Date, the Company shall grantSubject to the approval and sole discretion of the Board, Employee five year options in the Company’s customary formshall be granted a non-qualified option (the “Options”“Option”) to acquire 475,000 shares of common stock (the “Shares”), which shall be subject to the terms of the Company’s 2014 Incentive2015 Stock Option Plan (the “Plan”), exercisable (when vested)or 2021 Omnibus Equity Compensation Plan, as each may be amended from time to purchase for cash time, and any associated equity and/or grant agreement required to be entered into by cashless exercise upEmployee and the Company. The Shares will be subject to 200,000 sharesa four (4) year vesting schedule. Twenty-five percent of Company Common Stock at a price equal to the closing priceShares shall vest on the one (1) year anniversary of such shares on the date of this Agreement, vesting,grant (the “Vesting Commencement Date”), and the remaining Shares shall vest as follows: 25% of the Shares at the end of each successive twelve (12) month period following the Vesting Commencement Date, provided that the Employee is still employed by the Company, as follows: # 50,000 sharesCompany pursuant to this Agreement on the Effective Date, # 50,000 shares on December 31, 2015, and # 50,000 shares on December 31, 2016, and # 50,000 shares on December 31, 2017; provided that 75,000each respective Vesting Date. The exercise price of the Options (consisting of 50,000 Options vestingShares shall be determined on December 31, 2017 and 25,000 Options vesting on December 31, 2016) are granted subject to stockholder approval of the Company’s proposed increase in the Plan, submitted for approval at the March 10, 2015 Annual Meeting of Stockholders of the Company.May 2, 2022.
Grant of Stock Options. On the Effective Date,In recognition of Employee’s importance and value to the Company shall grantand as an additional inducement for Employee to enter into this Agreement, but subject in all respects to the Employee five year options interms and conditions of this Agreement, including, without limitation, the Company’s customary form (the “Options”) subject tovesting/exercisability schedule set forth below, and the Company’s 2014 Stock Incentive Stock Plan (the “Plan”) and the Company’s form of Stock Option Agreement, the Company hereby grants to Employee on the later of the Effective Date or the date that this Agreement has been signed by the Employee and the Company (the “Option Grant Date”), exercisable (when vested)stock options to purchase for cash or by cashless125,000 shares (the “Options”) of the Company’s common stock, $0.01 par value per share (the “Common Stock”). With respect to the Options that first become exercisable in each of 2018, 2019, and 2020, those Options of which the aggregate exercise price is up to 200,but not more than $100,000 shall be incentive stock options under the Plan and within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended, and the remainder of the Options that become exercisable in that year shall be non-qualified stock options under the Plan. In other words, of the 41,666 Options that first become exercisable in 2018, that portion of those Options whose aggregate exercise price is not more than $100,000 (for example, 14,285 Options if their exercise price is $7.00 each) shall be incentive stock options. Resales of shares of Company Common Stock at acommon stock underlying all the Options will be covered by the Company’s registration statement on Form S-8. The price per share of the Options shall be equal to the closing priceFair Market Value (as that term is defined below) of such sharesthe Common Stock on the dateOption Grant Date. For purposes of this Agreement, vesting, provided the Employee is still employed byterm “Fair Market Value” shall mean the Company, as follows: # 50,000 sharesVolume Weighted Average Traded Price (as defined below) of the Common Stock on the Effective Date, # 50,000 sharesOption Grant Date on December 31, 2015,the National Association of Securities Dealers Automated Quotation System (“NASDAQ”). Subject to the terms and # 50,000 shares on December 31, 2016,conditions of this Agreement, 41,666, 41,667, and # 50,000 shares on December 31, 2017; provided that 75,00041,667 of the Options (consisting of 50,000 Options vestingshall become exercisable on December 31, 2017the first, second, and 25,000 Options vesting on December 31, 2016) are granted subject to stockholder approvalthird anniversaries, respectively, of the Company’s proposed increase inOption Grant Date, and all the Plan, submitted for approval atOptions will expire on the March 10, 2015 Annual Meeting of Stockholdersseventh anniversary of the Company.Option Grant Date unless exercised prior to that date. As used in this Agreement, the term “Volume Weighted Average Traded Price” shall mean, for a given day, the sum of sale prices for all shares traded during that day, divided by the total aggregate number of shares traded during that day.
Stock Options. On the Effective Date, the Company shall grant to the Employee five year options in the Company’s customary form (the “Options”) subject to the Company’s 2014 Incentive Stock Plan (the “Plan”), exercisable (when vested) to purchase for cash or by cashless exercise up to 200,000 shares of Company Common Stock at a price equal to the closing price of such shares onAs soon as reasonably practicable following the date of this Agreement, vesting, provided the Company’s Stock Option Committee shall grant to Employee is still employednon-qualified options (the “Stock Options”) to purchase 7,500 shares of common stock of the Company, par value $0.05 per share (the “Common Stock”), exercisable at an exercise price equal to the fair market value of the shares of Common Stock of the Company on the date of grant, pursuant to the Company’s 2012 Stock Option Plan, as amended (the “Plan”).. The Stock Options will # have a ten-year term, including for the maximum period after any termination of Employee’s employment by the Company, as follows: # 50,000 shares onCompany permitted under the Effective Date, # 50,000 shares on December 31, 2015,Plan, and # 50,000 sharesbecome exercisable one-third on December 31, 2016, and # 50,000 shares on December 31, 2017; provided that 75,000each of the Options (consistingfirst, second and third anniversaries of 50,000 Optionsthe date of grant; provided, however, such vesting on December 31, 2017shall be accelerated by 12 months upon the occurrence of a Change in Control (as defined below) and 25,000 Options vesting on December 31, 2016) are granted subjectshall contain a cashless exercise provision. For purposes of this Agreement, a “Change in Control” of the Company shall be deemed to stockholder approvalhave taken place # if as the result of, or in connection with, any cash tender or exchange offer, merger or other business combination, sale of assets or contested election, or any combination of the foregoing transactions, the persons who were directors of the Company within twelve months before such transaction shall cease to constitute a majority of the Board of the Company of any successor entity; # the consummation of a merger or consolidation of the Company, with or into another entity or any other corporate reorganization, if more than 50% of the combined voting power of the contributing or surviving entity’s issued shares or securities outstanding immediately after such merger, consolidation or other reorganization is owned beneficially by persons other than the shareholders who owned beneficially more than 50% of the combined voting power of the Company’s proposed increase insecurities immediately prior to such merger, consolidation or other reorganization; # the Plan, submitted for approval at the March 10, 2015 Annual Meetingsale, transfer of Stockholdersother disposition of all or substantially all of the Company.Company’s assets.
Stock Options. On the Effective Date, the CompanyThe Executive shall grant to the Employee five yearbe granted stock options inunder the Company’s customary form (the “Options”) subject to the Company’s 20142011 Equity Incentive Stock Plan (the “Plan”), exercisable (when vested)entitling him to purchase for cash or by cashless exercise up to 200,300,000 shares of common stock of the Company Common Stock at aan exercise price equal tocalculated as the closing price of such sharesthe Company’s common stock on the date ofClosing Date, as such term is defined in the Purchase Agreement (to which this Agreement, vesting, providedAgreement is an exhibit), which options shall vest 40% after 24 months and thereafter the Employeeremaining 60% in equal monthly installments over the following 36 months, pursuant to a customary stock option agreement that will contain the terms pertaining to the stock options set forth in this [Section 3(b)], which the Executive and the Company shall enter into within ten (10) business days after this Agreement is still employedexecuted by the Company, as follows: # 50,000 shares on the Effective Date, # 50,000 shares on December 31, 2015, and # 50,000 shares on December 31, 2016, and # 50,000 shares on December 31, 2017; provided that 75,000both of the Options (consisting of 50,000 Options vesting on December 31, 2017 and 25,000 Options vesting on December 31, 2016) are granted subject to stockholder approval of the Company’s proposed increase in the Plan, submitted for approval at the March 10, 2015 Annual Meeting of Stockholders of the Company.parties.
Stock Options. On the Effective Date, the Company shall grantOption. Subject to the Employee five year options inapproval of the Company’s customary form (the “Options”) subject toBoard or the Company’s 2014 Incentive Stock Plan (the “Plan”), exercisable (when vested)Compensation Committee of the Board, Executive will be granted an option to purchase for cash or by cashless exercise up to 200,210,000 shares of Company Common Stockthe Company’s common stock at a price per share equal to the closing trading price of such sharesa share of the Company’s common stock on the date of this Agreement, vesting, providedgrant or the Employeetrading day immediately preceding the date of grant if the date of grant is still employed bynot a trading day. Twenty-five percent (25%) of the Company, as follows: # 50,000 shares subject to the option will vest on the first anniversary of the Effective Date, # 50,000and the remaining shares on December 31, 2015, and # 50,000 shares on December 31, 2016, and # 50,000 shares on December 31, 2017; provided that 75,000 of the Options (consisting of 50,000 Options vesting on December 31, 2017 and 25,000 Options vesting on December 31, 2016) are granted subject to stockholder approvalthe option will vest in substantially equal monthly installments over the next 36 months thereafter, subject to Executive’s continued service to the Company through the applicable vesting date. This option will be subject to the terms and conditions of the Company’s proposed increase in2022 Employment Inducement Award Plan and a stock option agreement to be entered into between Executive and the Plan, submitted for approval at the March 10, 2015 Annual Meeting of Stockholders of the Company.
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