Additional Option. In the event the Company closes a bona fide equity financing prior to the issuance of Series G Preferred Stock of the Company that results in net proceeds to the Company of up to $10,000,000 within twelve (12) months following the Start Date (the “Bridge Financing”), then subject to approval by the Board, the Company will grant an option to purchase that number of shares of Company’s Common Stock that, together with the total number of shares subject to the Option, represent 5.0% of the Fully Diluted Shares of the Company as of immediately following the closing of the Bridge Financing (the “Additional Option”), provided that you are providing Continuous Services as the Company’s Chief Executive Officer through and including both the date on which such Bridge Financing closes and the date on which the Additional Option is granted by the Board. Subject to approval by the Board, the shares subject to the anticipated Additional Option will be unvested on the date of grant and will vest on the one-year anniversary of the last closing date of the Bridge Financing, subject to your Continuous Service as of such date as the Company’s Chief Executive Officer. The Additional Option shall be issued pursuant to the terms and conditions of the Plan on the grant date, at an exercise price equal to 100% of the fair market value of the Company’s Common Stock on the grant date, as provided in the Plan and determined by the Board in a manner intended to be consistent with the requirements for an exemption from the application of Section 409A of the Internal Revenue Code of 1986, as amended, and shall be governed in all respects by the terms of the Plan, the grant notice and the option agreement. No right to any stock is earned or accrued until such time that vesting occurs, nor does the xxxxx xxxxxx any right to continue vesting or employment. For the avoidance of doubt, you will only be eligible to receive the Additional Option upon the first Bridge Financing to occur following the Start Date. Determination as to whether and when the Bridge Financing has been consummated, if at all, will be determined by the Board in its sole discretion. For the purposes of the foregoing sentence, “Fully Diluted Shares” shall be calculated by adding the number of outstanding shares of capital stock of the Company plus the number of shares of capital stock subject to issuance under outstanding options or warrants, in each case, on an as-converted to common stock basis and as of the close of ...
Additional Option. 1. The Employee shall annually be credited with five (5) days of executive leave.
Additional Option. (a) Subject to the Company’s approval, which approval may be denied within its sole and absolute discretion, from the date hereof until the earlier of (i) September 1, 2017, (ii) the consummation of the Public Offering, or (iii) the occurrence of a Change of Control Event (as such term is defined in the Certificate of Designations), each Purchaser may elect to purchase, severally and not jointly with the other Purchasers and in one or more purchases, in the ratio of such Purchaser’s original Subscription Amount to the original aggregate Subscription Amount of all Purchasers, additional Debentures with an aggregate subscription amount thereof equal to $5,000,000 and receive Preferred Stock in accordance with the calculations in Section 2.2 (such securities, the “Additional Securities” and such right to receive the Additional Securities pursuant to this Section 4.18, the “Option Additional Rights”).
Additional Option. The Company hereby grants Trilon an irrevocable option (the "Additional Option") to purchase from the Company the Additional Shares (as defined below) at the Exercise Price. After approval of the Charter Amendment, the Additional Option may be exercised at any one time during the period commencing on the exercise in full of the Option and expiring 90 days after such exercise in full. Additional Shares means the number of shares that will increase Trilon's beneficial ownership, within the meaning of Rule 13d-3 under the Securities Exchange Act of 1934, of the Common Stock to 90% of the sum of (x) the shares outstanding immediately after exercise of the Additional Option plus (y) the shares reserved for issuance on exercise of options or warrants outstanding immediately after exercise of the Additional Option. At Trilon's election, it may pay the Exercise Price for the Additional Shares by canceling outstanding indebtedness of the Company to Trilon in an amount equal to the aggregate Exercise Price for the shares purchased.
Additional Option. If any Remaining Member fails to exercise his or her option to purchase his or her proportionate number of Option Units, each Remaining Member who exercised his or her option to purchase his or her proportionate number of Option Units shall, during the Extension Period, have an option to purchase those Option Units with respect to which a Remaining Member or Members have failed to exercise their respective options to purchase. If only one Remaining Member exercised his or her initial option to purchase his or her proportionate number of Option Units, said Remaining Member shall have the option to purchase all of the unpurchased Option Units. If two or more Remaining Members exercised their initial options to purchase their respective proportionate number of Option Units, each such Remaining Member shall have the option to purchase that number of unpurchased Option Units which bears the same proportion to the total number of unpurchased Option Units as the number of Units which each such Remaining Member owned at the commencement of the Original Option Period bears to the total number of Units which all such Remaining Members then owned; provided, however, that all the Remaining Members may by agreement among themselves determine the proportions in which some or all of them may exercise the options granted in this Paragraph.
Additional Option. The Company’s management believes that it will soon have in place referral relationships with a bank, banks or others that might provide limited banking and merchant services and split the fees from such services with the Company on a basis to be negotiated. The Sellers are continuing to work on obtaining an equity interest in a bank, banking entity and/or an entity that will provide merchant processing (the “Bank Equity”). Sellers have expended the sums necessary to pursue this course of action and will be responsible for continuing to expend necessary sums through a separate company special purpose vehicle (“SPV”). If the SPV acquires the Bank Equity, Buyer shall have an option to acquire one hundred percent of the SPV’s Bank Equity interest for a purchase price of fifteen million (15,000,000) shares of the Buyer’s stock.
Additional Option. In addition to salary, bonus and options described in the Agreement, Employee is hereby awarded an option to acquire 100,000 shares ("Additional Option Shares") of Company common stock under the Stock Option Plan, at an exercise price of $0.75 per share. The Additional Option Shares shall become exercisable in 1/3 increments on the first, second and third anniversaries of the date on which Employee becomes President of the Company (by way of example, if Employee became President of the Company on May 12, 1999, 33,333 Additional Option Shares would become exercisable on May 11, 2000, 33,334 Additional Option Shares would become exercisable on May 11, 2001, and the remaining 33,333 Additional Option Shares would become exercisable on May 11, 2002). The Additional Option Shares shall become immediately exercisable upon the occurrence of certain events described in sections 7 and 8 of this Agreement. An agreement shall be prepared providing for other terms and conditions regarding the Option Shares that are typical of other executives option agreements, and this option agreement shall also provide for anti-dilution in the event that shares of Company stock are issued in settlement of any lawsuit pending against the Company.
Additional Option. NutraCea shall grant to Employee an option to purchase 4,500,000 shares of NutraCea’s common stock (the “Additional Option”). The Additional Option shall be granted to Employee on July 7, 2010, and the shares of common stock subject to the Additional Option shall have an exercise price per share equal to the higher of (a) $0.20 per share and (b) the fair market value of a share of NutraCea’s common stock on such date. Twenty percent (20%) of the Additional Option shall be exercisable on the date of grant; 20% shall become exercisable on the date NutraCea exits Chapter 11; and the remaining 60% shall become exercisable in equal monthly installments on the last business day of each month over the 48 month period immediately following NutraCea’s exit from Chapter 11 (commencing on the last business day of the month in which NutraCea exits Chapter 11).”
Additional Option. In the event that Executive is ----------------- appointed by the Board to serve as the Chief Executive Officer of the Company, Executive shall be granted an additional stock option covering 125,000 shares of Company Common Stock with a per share exercise price equal to the closing sale price of a share of the Company's Common Stock on the date of grant (the "Additional Option"). The Additional Option shall have a term of ten years, provided, however, that the Additional Option shall terminate eighteen (18) months after Executive's termination of services as an employee, consultant or director of the Company. The Additional Option shall vest monthly from the date of grant over the remaining months of the Employment Term, subject to Executive remaining employed by the Company on such vesting dates. Except as otherwise specified in this Agreement, the Additional Option shall be in all respects subject to the terms, definitions and provisions of the Company's NSO Plan, as applicable, and the respective forms of Option Agreement thereunder.
Additional Option. On the date of this Agreement, the Company will grant the Executive an Option (“Option 4”) under the Plan for the purchase of 352,231 shares of common stock of the Company at a purchase price of $3.57 per Share, which Option shall be evidenced by an agreement in substantially the form attached hereto as Exhibit A. The shares underlying Option 4 are intended to represent a one percent (1.0%) ownership interest in the Company as of the date hereof (based on the number of shares of Fully Diluted Equity of the Company as of the date hereof, after giving effect to the issuance of Option 4). “Fully Diluted Equity of the Company” means the common stock of the Company outstanding as of the determination date, assuming the exercise on such date of all outstanding options, warrants and other rights to purchase common stock of the Company or securities convertible into common stock of the Company and the conversion on such date of all securities convertible into common stock of the Company.
