Additional Equity Compensation. Annually, the Compensation Committee of the Board shall also determine in its sole discretion whether to award any additional equity compensation to the Executive and the terms of any such equity award.
Additional Equity Compensation. (1) The Corporation shall grant to the Executive (i) 400,000 shares of outstanding shares of Corporation common stock that shall be subject to a lapsing right of forfeiture which right shall lapse 1/12th per month over the 12 month period beginning with the Commencement Date ("Restricted Stock"), (ii) an option to purchase 2,000,000 of the outstanding shares of the Corporation's common stock which will have an exercise equal to twenty cents ($0.20) per share; and (iii) 1,500,000 of the outstanding shares of the Corporation's common stock, which will have an exercise price equal to fifty cents ($0.50) per share. The grants in (ii) and (iii) are referred to collectively herein as the "Option" or "Options." The parties hereto agree and understand that the Corporation is consummating a merger between the Corporation and Ener1 Acquisition Corporation (the "Merger") and filing a registration statement on Form S-1 with the Securities Exchange Commission and that, on the date the Merger is consummated (the "Issue Date"), a stock split may occur. All references to shares and options in this Agreement assume that the Merger will be consummated and the registration completed and that as a result 100,000,000 shares are issued and outstanding. If for any reason (including without limitation the failure of the Corporation to consummate the Merger or complete the filing) the number of issued and outstanding shares is not 100,000,000, the number of shares underlying the Restricted Stock grant and the Option (along with each Option's exercise price),shall be adjusted accordingly and in accordance with the provisions of subsection (e)(4) herein. The Corporation shall issue the Restricted Stock and the Options as soon as reasonably practicable after the Commencement Date, but in no event later than the earliest to occur of the Issue Date or the date on which the Merger is terminated. For purposes of clarification and to diminish doubt, the granting of Restricted Stock or Options hereunder are not conditioned upon the consummation of the Merger or the successful filing of the S-1 and such grants shall be made by the Corporation (in accordance with the terms hereof) whether or not such Merger is consummated or the S-1 completed.
(2) The Option issued pursuant to subsection (e)(1)(ii) shall vest 1/36th per month from the Commencement Date. The Option issued pursuant to subsection (e)(1)(iii) shall 100% vest on the first to occur of the Corporation achieving cumulative sales rev...
Additional Equity Compensation. With respect to equity compensation awards that may in the future be made generally to Peer Executives, Executive shall be entitled to participate in such awards, subject to the terms and conditions of the applicable equity compensation plan and award instrument, on the same basis as the other Peer Executives. The Company shall set the amount and terms of such options or other equity or equity-based compensation, subject to approval of the Board or the Compensation Committee if required.
Additional Equity Compensation. Typhoon will receive 50,000 shares of 144 restricted common stock to be issued upon signing. The Company also represents and warrants to Typhoon that it will comply with all applicable requirements necessary to allow Typhoon to utilize Rule 144 under the Securities Act of 1933, as amended (or any successor or similar rule, the "Securities Act"). Typhoon acknowledges that the certificate representing the 50,000 shares of common stock will bear substantially the following restrictive legend: THE SHARES OF STOCK EVIDENCED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED ("THE ACT") NOR QUALIFIED UNDER THE SECURITIES LAWS OF ANY STATES, AND HAVE BEEN ISSUED IN RELIANCE UPON EXEMPTIONS FROM SUCH REGISTRATION AND QUALIFICATION FOR NONPUBLIC OFFERINGS. ACCORDINGLY, THE SALE, TRANSFER, PLEDGE, HYPOTHECATION, OR OTHER DISPOSITION OF ANY SUCH SECURITIES OR ANY INTEREST THEREIN MAY NOT BE ACCOMPLISHED EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE ACT AND QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS, OR PURSUANT TO AN OPINION OF COUNSEL SATISFACTORY IN FORM AND SUBSTANCE TO THE CORPORATION TO THE EFFECT THAT SUCH REGISTRATION AND QUALIFICATION ARE NOT REQUIRED.
Additional Equity Compensation. One (1) years after the commencement of the Term, an additional One Million Five Hundred (1,500,000) shares of Company Common Stock (the “Additional Company Equity”) shall be awarded to Brand Ambassador; provided that Brand Ambassador meets the terms of a successful criteria to be mutually agreed upon by Parties.
1 Tax implications for receipt of Company Equity are under review and undetermined at this time. Brand Ambassador and Company reserve rights to request an alternate structure in the event that there are adverse or negative tax implications for Brand Ambassador.
Additional Equity Compensation. (A) In addition to any other equity compensation provided for under this Agreement, on or about the Amendment Effective Date, the Company shall grant to the Executive options to purchase 200,000 shares of common stock, par value $.01 per share, of the Company (the "Company Common Stock"), with an exercise price equal to the fair market value of the Company Common Stock on the date of grant. Such options shall become exercisable in four equal installments on the first, second, third and fourth anniversaries of the date of grant.
(B) On or about the Amendment Effective Date, the Company shall grant to the Executive options to purchase 175,000 shares of Company Common Stock, with an exercise price equal to the fair market value of the Company Common Stock on the date of grant. Such options shall become exercisable on the second anniversary of the Amendment Effective Date."
8. Section 6(c) of the Agreement is hereby amended in its entirety to read as follows:
Additional Equity Compensation. You and the Company acknowledge and agree that on September 19, 2019, the Board granted you stock options under the Company’s 2016 Stock Incentive Plan, as amended (the “2016 Plan”), providing you the opportunity to benefit from future appreciation with respect to 4.0% fully diluted ownership in the Company as of the date of the grant (determined on an as-converted basis and inclusive of shares reserved for issuance under any Company equity compensation plan) (the “Equity Award”). The Equity Award shall vest with respect to half of such 4.0% (2.0% of the fully diluted ownership in the Company, such portion referred to herein as the “Time-Based Options”) quarterly over 4 years (from October 1, 2019) with a 12-month cliff (meaning amounts that otherwise would vest during the first 12 months shall be scheduled to vest on the first anniversary of October 1, 2019). In addition, the Time-Based Options shall vest as set forth in Section 4(a) below (subject to satisfying the conditions for payments thereunder). The Equity Award shall vest with respect to the remaining 50% of such 4.0% (the portion that is not the Time-Based Options, such portion, the “Performance Options”) in accordance with the amended vesting schedule set forth in Section 3(e)(ii) below. Subject to Section 4(a) below, all vesting is subject to your continued employment with the Company through the applicable vesting date or event. Except as described in this Section 3(e)(i), the Equity Award reflects the Company’s standard terms and conditions for grants of equity compensation. For the avoidance of doubt, in the event of an extraordinary dividend, the Company shall make equitable adjustments to the Equity Award or provide equivalent cash payments to you (which may be subject to the same vesting schedule as applicable to the Equity Award) in lieu of adjustment. You and the Company acknowledge and agree that on September 23, 2020, the Board reduced the per share exercise price of both the Time-Based Options and Performance Options to $9.82 (the then-current fair market value of a share of the Company’s common stock). The stock option agreement that governs the Time-Based Options and the stock option agreement that governs the Performance Options are referred to herein as the “Service-Based Option Agreement” and the “Performance Option Agreement,” respectively.
Additional Equity Compensation. Executive shall participate in any ------------------------------ other Company equity incentive plan consistent with his position that may be adopted by the Company during the term of this Agreement;
Additional Equity Compensation. (a) In section 3.4.1, the clause “, including any Matching RSUs (as defined below)” is hereby deleted in its entirety.
(b) The existing Section 3.4.2 of the Agreement is hereby deleted in its entirety.
Additional Equity Compensation. Further grants of equity compensation may be issued to the Executive subject to performance criteria established by the Compensation Committee of the Board and may be subject to time and performance-based criteria and benchmarks.
