Annual Options. The Company expects to provide you and other outside directors, for service on the Board, an annual grant of 200,000 five-year stock options under the Company’s 2010 Stock Plan with an exercise price equal to the mean average of the closing sale prices of Company common stock for the 10 trading days immediately before the date of grant (or, the date-of-grant closing sale price of Company common stock on any national securities exchange on which Company common stock is listed, if it has become so listed), which annual options would vest in one lump amount immediately upon grant, subject to continuation of service. Such stock options shall remain exercisable until the earlier of the scheduled expiration date or 18 months after the cessation of service, whichever is sooner.
Annual Options. The Company expects to provide you and other outside directors, for service on the Board, stock in the form of (i) 2,500 shares of Series F Preferred Stock and (ii) an annual grant of 5,000 five-year stock options under the Company's 2016 Stock Plan with an exercise price equal to the mean average of the closing sale prices of Company common stock for the 10 trading days immediately before the date of grant (or, the date-of-grant closing sale price of Company common stock on any national securities exchange on which Company common stock is listed, if it has become so listed), which annual options would vest in one lump amount immediately upon grant, subject to continuation of service. Such stock options shall remain exercisable until the earlier of the scheduled expiration date or 18 months after the cessation of service, whichever is sooner.
Annual Options. On January 1, 2002 and on each January 1 thereafter during the Employment Term, the Company shall grant the Employee a nonqualified option to purchase a number of shares of Common Stock as determined by the Board in its sole discretion (each an "Annual Option"); provided, however, that each Annual Option shall entitle the Employee to purchase a minimum of forty thousand (40,000) shares of Common Stock. Each Annual Option shall have a per share exercise price equal to the Fair Market Value of a share of Common Stock on the date the Annual Option is granted and shall vest ratably on a daily basis over the period beginning on the date the Annual Option is granted pursuant to this Section 5(d) and ending on the third anniversary of such date.
Annual Options. Executive shall be permitted to participate in any stock option and similar plans as adopted by the Company from time to time for the grant of stock options and other equity incentives to the Company’s employees. On the first business day occurring on or after April 1, 2011 of each year during the term of this 2010 Agreement (subject to Executive’s continuous employment with the Company through each such anniversary), the Company shall grant Executive a stock option with a vesting commencement date of April 1 of the year in which it is granted, which will be, to the extent possible under the $100,000 rule of Section 422(d) of the Internal Revenue Code of 1986, as amended (the “Code”), an “incentive stock option” (as defined in Section 422 of the Code), under the Company’s 2003 Stock Plan (the “Plan”) to purchase 360,000 shares of the Company’s common stock (as adjusted for stock splits and stock combinations that may occur after the date of this 2010 Agreement), which each such option shall have a per share exercise price equal to the fair market value of the Company’s common stock on the applicable date of grant (each an “Annual Option” and collectively, the “Annual Options”). Subject to the accelerated vesting provisions set forth herein, each Annual Option will vest as to 1/12th of the shares subject to such option each month following its date of grant, so that each Annual Option will be fully vested and exercisable one year from its grant date, subject to Executive’s continuous service to the Company through each relevant vesting date. Notwithstanding the above, in the event of a Change in Control (as defined in Section 7.4 below) of the Company prior to the granting of all Annual Options, and that occurs while Executive remains employed hereunder, then all Annual Options yet to be granted through the term of the 2010 Agreement will immediately be granted and 100% of the then-unvested shares subject to all such Annual Options will vest and become exercisable.
Annual Options. During the month of January in each of the years 2003 and 2004, Executive shall receive a grant of options to purchase 25,000 shares of Company common stock at an exercise price per share equal to Fair Market Value (as defined in the Plan) on the date of grant (the "Annual Options"). Subject to Executive's continued employment with the Company, such Annual Options will vest in equal installments on each of the first three anniversaries of the date of grant, and will become fully vested upon the occurrence of a Change in Control of the Company. Other terms and conditions of the Annual Options shall be as set forth herein, in the Plan and an option agreement between the Company and Executive. If the Company should, prior to any Annual Option grant, be involved in any merger, reorganization, stock split or spinoff or other similar event, the number of shares subject to the Annual Options yet to be granted, as provided above, shall be adjusted on a pro rata basis. Executive's Initial Options, IPO Options and Annual Options are herein collectively referred to as the "Executive Options".
Annual Options. The Company expects to provide you and other outside directors, for service on the Board, an annual grant of stock options for 20,000 shares of the Company’s common stock with an exercise price equal to the date-of-grant closing sale price of Company’s common stock; which annual options would vest one year after the date of the grant. Such stock options shall remain exercisable until the earlier of the 5 years from the date of grant or 18 months after the cessation of service, whichever is sooner.
Annual Options. The Employee will be eligible to receive annual equity awards pursuant to the Equity Plan. Subject to the approval of the Board and in accordance with the rules of the Equity Plan, the Employee shall be entitled to receive an award of 300,000 options to purchase shares of the Parent’s common stock (the “LTIP Options”), to be granted for 2024, 2025 and 2026, in each case, subject to the Employee’s continued employment pursuant to this Agreement on the date of grant. In case the Start Date is after the Parent’s annual equity award grant date pursuant to the standard grant schedule for the LTIP Options for 2024, then these LTIP Options will be granted as soon as reasonably practicable following the Start Date. Any LTIP Options granted in 2025 and 2026 will be granted in accordance with the standard grant schedule for the Equity Plan. For 2027 and subsequent years, any grant of LTIP Options will be determined by the Board acting in its sole discretion having regard to market practices and internal compensation and benefits levels, as well as any other factors the Board deems appropriate. The LTIP Options shall vest in three (3) equal tranches over a period of three (3) years from the grant date and once vested will remain exercisable for a term not to exceed five (5) years from the grant date under the Equity Plan, subject in each case to the Employee’s continued active employment with the Company. The per share exercise price of such LTIP Options will equal the Fair Market Value per Share on the grant date. If, during the twelve (12) months immediately following the occurrence of a Change in Control, the Employee experiences a termination of employment under circumstances which would entitle him to severance under Section 6(b) of this Agreement, all then-unvested LTIP Options will vest and be cancelled in exchange for a cash payment equal to the aggregate spread value (if any), as determined by the Parent, with respect to such LTIP Options, less all applicable withholding taxes and other authorized deductions.
Annual Options. On January 1, 2002 and on each January 1 thereafter during the Employment Term, the Company shall grant to the Employee a nonqualified option to purchase a number of shares of Common Stock as determined by the Board in its sole discretion (each an "Annual Option"); PROVIDED, HOWEVER, that each Annual Option shall entitle the Employee to purchase a minimum of thirty thousand (30,000) shares of Common Stock. Each Annual Option shall have a per share exercise price equal to the Fair Market Value of a share of Common Stock on the date the Annual Option is granted and shall vest ratably on a daily basis over the period beginning on the date the Annual Option is granted pursuant to this Section 5(c) and ending on the third anniversary of such date, PROVIDED, HOWEVER, that no Annual Option shall vest prior to the Employee's completion of the One Year Service Requirement (and all Annual Options outstanding on the first anniversary of the Commencement Date shall vest on that date to the extent they would have vested as of that date but for the operation of this proviso).
Annual Options. Twenty-five thousand (25,000) Options shall vest on the first anniversary of the Grant Date.
