Annual Option Grant. The Executive shall be entitled to be awarded an annual stock option under the Plan targeted at 0.37% of the Company’s outstanding shares Common Stock on the date of grant. Such options shall be exercisable for a 10-year period commencing on the date of grant, have an exercise price equal to the closing price of the Common Stock on the date of grant, and shall vest in 48 equal monthly installments over the four-year period following the date of grant. Notwithstanding the foregoing, any options issued under this Section 3(c)(ii) shall be subject to the approval of the Board or the Compensation Committee.
Annual Option Grant. For each compensation year during the Term and commencing with the 2018/2019 compensation year, Executive will be entitled to receive an annual option grant (the “Annual Grant”), payable with respect to each compensation year of the Term, within ninety (90) days of the completion of such compensation year, provided Executive is employed by the Company on such date. The final determination on the amount, if any, of the Annual Grant will be made by, and in the sole discretion of the Compensation Committee (or the Board, if such committee has been dissolved), based on goals and objectives approved by the Compensation Committee of the Board (or the Board, if such committee has been dissolved). The target Annual Grant for the 2018/2019 compensation year will be $750,000. The Annual Grant shall have a term of ten years and shall vest in four (4) equal installments on each of the succeeding four anniversary dates of the date of grant, provided Executive remains continuously employed by Company through each such vesting date. The Annual Grant shall be made pursuant to the Soliton, Inc. 2018 Stock Plan, and shall in all respects be subject to the terms and conditions of such plan.
Annual Option Grant. For each compensation year during the Term commencing with the compensation year commencing June 1, 2023, Executive will be entitled to receive an annual option grant under the Moleculin Biotech, Inc. 2015 Stock Plan, or any future stock plans approved by the Company’s stockholders (the “Stock Plan”) (the “Annual Grant”), subject to the availability of shares of common stock under the Stock Plan, within ninety (90) days of the completion of such compensation year, provided Executive is employed by the Company on such date. The final determination on the amount, if any, of the Annual Grant will be made by, and in the sole discretion of, the Compensation Committee (or the Board, if such committee has not been formed or has been dissolved), based on goals and objectives approved by the Compensation Committee of the Board (or the Board, if such committee has not been formed or has been dissolved). Unless otherwise determined by the Compensation Committee (or the Board, if such committee has not been formed or has been dissolved), the Annual Grant shall have a term of ten years and shall vest in four (4) equal installments on each of the succeeding four anniversary dates of the date of grant, provided Executive remains continuously employed by Company through each such vesting date. The Annual Grant shall be made pursuant to the Stock Plan, and shall in all respects be subject to the terms and conditions of such plan.
Annual Option Grant. Employee shall be eligible for annual grants of non-qualified stock options (“Annual Option Grant”) to purchase Company common stock, no par value (“Common Stock”) pursuant to the Company’s Stock Option Plan adopted May 29, 2002 or any successor option plan adopted by the Company and approved by shareholders (the “Option Plan”). The Annual Option Grant shall have a target value, based on an accepted option pricing methodology chosen by the Company, of 100% of Employee’s base salary for the year in which such Annual Option Grant is made, subject to the following:
(A) Employee shall be eligible for 75% of the Annual Option Grant upon achievement of the Annual Financial Objectives and an additional 25% of the Annual Option Grant upon achievement of Annual Strategic Initiatives. The Annual Option Grant shall be made in accordance with the terms of the Option Plan within thirty (30) days after the Company has determined that the objectives and initiatives have been met; provided that, with respect to any year, the Company shall make such determination not later than the end of the first calendar quarter following such year.
(B) Fifty percent (50%) of the options subject to the Annual Option Grant shall have an exercise price equal to fair market value of the Common Stock on the date of grant; 25% of such options shall have an exercise price equal to 125% of fair market value of the Common Stock on the date of grant; and 25% of such options shall have an exercise price of 150% of fair market value of the Common Stock on the date of grant.
(C) If the Employee is not eligible for the entire target grant with respect to any year, the preceding exercise prices shall be applied proportionally to that portion of the Annual Option Grant that is made.
(D) Each Annual Option Grant shall vest in equal 20% installments on each of the first five (5) anniversaries of the applicable grant date, subject to Employee’s continued employment with the Company.
(E) Each Annual Option Grant shall be subject to the terms and conditions of the Option Plan and the Stock Option Agreement that will be issued if and when the grant becomes effective.
Annual Option Grant. Executive shall be entitled to receive a grant of an option to purchase 100,000 shares of common stock of the Company on February 25, 2009 and on each anniversary of the effective date of this Agreement until and including February 25, 2018, provided Executive remains employed by the Company on each such anniversary date. Each such grant shall be made pursuant to the Company’s 2005 Incentive Stock Option Plan, as such plan may be amended, or a subsequent stock option plan as may be adopted by the Company (the “Plan”). The option exercise price will be equal to the Fair Market Price of the Company’s common stock on the date of grant and shall be fully vested as of the grant date. The terms of each such grant of stock options shall be set forth in a separate Stock Option Agreement between the Company and the Executive and shall be pursuant to the Plan.
Annual Option Grant. As soon as practicable after the end of each ------------------- fiscal year ending during the Employment Period, as long as the Executive is employed by the Company on that date, the Executive shall receive a grant of stock options from Equivest covering shares of the common stock of Equivest (the "Common Stock") based upon achievement of the Pre-Tax Profit Targets for such fiscal year as follows:
(i) if the Company reaches at least 100%, but less than 125%, of the Pre-Tax Profit Target for a fiscal year, the Executive shall receive for such fiscal year an option covering 30,000 shares of the Common Stock; and (ii) in lieu of the grant of options described in clause (i) of this sentence, if the Company equals or exceeds 125% of the Pre-Tax Profit Target for a fiscal year, the Executive shall receive for such fiscal year an option covering 60,000 shares of the Common Stock. Options covering shares of Common Stock shall vest and become exercisable at a rate of 20% per year for a five- year period and options covering shares of Common Stock shall expire ten years from their dates of grant. The exercise purchase price of an option shall be the fair market value of a share of the Common Stock on the date of grant of the option. All such options shall be subject to a stock option agreement entered into between the parties hereto on terms consistent with the foregoing; provided, however, that the options shall be effective as of the date of grant -------- ------- in accordance with the terms and conditions contained herein, irrespective of whether a stock option agreement has been executed by the parties. Except as expressly provided in Section 7(a)(iv) of this Agreement, all unvested options shall immediately expire upon the date of the Executive's termination of employment. No options shall be granted to the Executive after the date of his termination of employment.
Annual Option Grant. For each year during the Term, Executive will be entitled to receive an annual option grant under the Volcon, Inc. 2021 Stock Plan, or any future stock plans approved by the Company’s stockholders (the “Stock Plan”) (the “Annual Grant”), subject to the availability of shares of common stock under the Stock Plan, within ninety (90) days of the completion of such compensation year, provided Executive is employed by the Company on such date. The final determination on the amount, if any, of the Annual Grant will be made by, and in the sole discretion of, the Compensation Committee (or the Board, if such committee has not been formed or has been dissolved), based on goals and objectives approved by the Compensation Committee of the Board (or the Board, if such committee has not been formed or has been dissolved). The Annual Grant shall be made pursuant to the Stock Plan, and shall in all respects be subject to the terms and conditions of such plan. For 2024, the Annual Grant shall (i) be issued after the date of the Company’s 2024 annual meeting and on or prior to the date the Company issues equity compensation to any other executive officers or members of the Board; (ii) be for a number of shares equal to 10% of the fully diluted number of shares of Company common stock outstanding on the date of grant and shall vest on the earlier of one year after issuance or on the date when at least 90% of the Company’s convertible promissory notes outstanding on the date hereof are no longer outstanding; (iii) have an exercise price equal to the closing price of the Common Stock on the date of issuance; and (iv) shall be subject to the approval by the Company’s shareholders to increase the number of shares of common stock available for issuance under the Stock Plan.
Annual Option Grant. For each compensation year during the Term commencing with the March 31, 2024-2025 fiscal year, Executive will be entitled to receive an annual option grant under the Stock Plan (the "Annual Grant"), subject to the availability of shares of common stock under the Stock Plan, within ninety (90) days of the completion of such compensation year, provided Executive is employed by the Company on such date. The final determination on the amount, if any, of the Annual Grant will be made by, and in the sole discretion of, the Compensation Committee (or the Board, if such committee has not been formed or has been dissolved), based on goals and objectives approved by the Compensation Committee of the Board (or the Board, if such committee has not been formed or has been dissolved). The target Annual Grant for the first year full compensation year subsequent to the Company’s initial public offering will determined by dividing $300,000 by the Black-Scholes value per option share of Common Stock on the date of grant. The Annual Grant shall have a term of ten years and shall vest in four (4) equal installments on each of the succeeding four anniversary dates of the date of grant, provided Executive remains continuously employed by Company through each such vesting date. The Annual Grant shall be made pursuant to the Stock Plan, and shall in all respects be subject to the terms and conditions of such plan.
Annual Option Grant. For each compensation year during the Term commencing with the March 31, 2024-2025 fiscal year, Executive will be entitled to receive an annual option grant under the Stock Plan (the "Annual Grant"), subject to the availability of shares of common stock under the Stock Plan, within ninety (90) days of the completion of such compensation year, provided Executive is employed by the Company on such date. The final determination on the amount, if any, of the Annual Grant will be made by, and in the sole discretion of, the Compensation Committee (or the Board, if such committee has not been formed or has been dissolved), based on goals and objectives approved by the Compensation Committee of the Board (or the Board, if such committee has not been formed or has been dissolved). The Annual Grant shall have a term of ten years and shall vest in four (4) equal installments on each of the succeeding four anniversary dates of the date of grant, provided Executive remains continuously employed by Company through each such vesting date. The Annual Grant shall be made pursuant to the Stock Plan, and shall in all respects be subject to the terms and conditions of such plan.
Annual Option Grant. In addition to your Base Salary, after the twelve (12) month anniversary of the date of this Agreement, you will be eligible to receive annual stock option grants (the “Annual Stock Option Grants”) issued pursuant to the terms of the Company’s equity compensation plans. Such Annual Stock Option Grants will be in relative proportion to “Top Off” grants made to other employees of the Company, adjusted accordingly for your rank and seniority. The actual amount and terms of any such grants will be determined by the Board (or a committee thereof), in its sole discretion. The Annual Stock Option Grants will be subject to the terms and conditions applicable to options granted under the Company’s 2012 Stock Option and Grant Plan (the “Plan”), as described in the Plan and the applicable stock option agreement.
