Annual Stock Option Grants. During the term of this Agreement, Executive annually will be eligible for at least Thirty Thousand (30,000) additional shares of NIKE, Inc. Class B Common Stock at the market price of such shares at the close of trading on the date the options are granted. These options are typically granted in July of each year. To be eligible for the annual grant of stock options, Executive must be employed by Nike as of the close of the Fiscal Year (May 31st). The right to purchase shares with respect to annual stock option grants shall accrue with respect to one-fourth (25%) of the shares on each of the four succeeding anniversaries of the grant date.
Annual Stock Option Grants. The Committee shall in 2002 and subsequent calendar years grant to the Executive ten-year options with respect to shares of Company stock, with such grants to be made at the same time during the calendar year as grants are generally made to senior executives of the Company. Such annual grants shall be consistent with competitive pay practices generally and appropriate relative to awards made to other senior executives of the Company; provided, however, that each such annual grant shall be to purchase no less than four hundred fifty thousand (450,000) shares of Company Stock, with such number to be adjusted appropriately in the event of any change in the outstanding shares of Company Stock by reason of a stock dividend or split, recapitalization, merger, consolidation or other similar corporate change or distribution of stock or property by the Company. These option grants shall vest in four equal increments, with one tranche vesting on the second anniversary of the grant date and one tranche vesting on each of the next three anniversaries of the grant date (the "Vesting Scheme"); provided, however that an annual option grant shall instead vest pursuant to normal Company practice at the time of grant, so long as such then-current practice is no slower than the Vesting Scheme. Any annual option grant may vest subject to a different vesting schedule, so long as such vesting schedule is no slower than the faster of the Vesting Scheme or the then-current normal Company practice at the time of such stock option grant.
Annual Stock Option Grants. 4.4.1 On the Employment Date, the Committee shall grant to the Executive ten (10)-year options for seventy thousand (70,000) shares of Common Stock. These options shall vest and become exercisable in four equal increments of seventeen thousand five hundred (17,500), with one tranche vesting on each of the second, third, fourth and fifth anniversaries of the grant date. The exercise price for this option shall be the closing price of the Common Stock on the Stock Exchange as reported in The Wall Street Journal on the grant date. This option grant shall be subject to adjustment (in accordance with the terms of the Company's 1997 Omnibus Stock Incentive Plan) for stock splits, stock dividends, and other similar changes in the Company's capitalization after the grant date.
4.4.2 The Committee shall in 2002 and subsequent calendar years grant to the Executive ten (10)-year options for shares of Common Stock. Such annual grants shall be consistent with competitive pay practices generally and appropriate relative to awards made to other senior executives of the Company; provided, however, that each such annual grant shall be for at least ninety thousand (90,000) shares of Company stock, subject to adjustment (in accordance with the terms of the Company's 1997 Omnibus Stock Incentive Plan) for stock splits, stock dividends, and other similar changes in the Company's capitalization after the grant date. The exercise price for these options shall be the closing price of the Common Stock on the Stock Exchange as reported in The Wall Street Journal on the grant date. These option grants shall vest in four equal increments, with one tranche vesting on the second anniversary of the grant date and one tranche vesting on each of the next three anniversaries of the grant date (the "Vesting Scheme"); provided, however, that an annual option grant shall instead vest pursuant to normal Company practice at the time of grant, so long as such then-current practice is no slower than the Vesting Scheme. Any annual option grant may vest subject to a different vesting schedule, so long as such vesting schedule is no slower than the faster of the Vesting Scheme or the then-current normal Company practice at the time of such stock option grant.
Annual Stock Option Grants. Executive will also be eligible to receive stock option grants annually. The Company's Board of Directors or its Compensation Committee or Executive Committee will determine whether a stock option will be granted to Executive and the number of shares subject to any such stock option. Such determination will be in the sole discretion of the Company's Board of Directors or its Compensation Committee or Executive Committee and will be based upon, in part, Executive's performance review and applicable performance objectives established by the Company's Board of Directors or the Compensation Committee.
Annual Stock Option Grants. Section 3(iii) of the Retention Agreement is amended to provide that the three remaining stock options grants for each of 2009, 2010 and 2011 shall be granted at the time of the Company’s annual grant with respect to such year, which annual grant may occur in the following year; provided, that the final grant of stock options under Section 3(iii) is expected to be made in February 2012.
Annual Stock Option Grants. You shall receive an annual grant (the "Annual Grant") for the 1999 and 2000 calendar years under the Viacom Inc. 1997 Long-Term Management Incentive Plan and any successor plans (collectively, the "LTMIP") of stock options to purchase not less than 15,000 shares of Viacom's Class B Common Stock. Each Annual Grant shall be made as of August 1st or the date on which the Compensation Committee of the Viacom Board of Directors shall award the major stock option grant under the LTMIP to Viacom's senior executives for such calendar year and shall be on the same terms with respect to vesting and so forth as such major stock option grant.
Annual Stock Option Grants. Subject to approval by the Company's Board and/or its Compensation Committee, during the Executive's employment under this Agreement, the Company may make, commencing in 1998, annual grants of non-qualified stock options to the Executive for shares of Stock or such other number of shares of stock as may be approved by the Board and/or its Compensation Committee. Such annual grants shall be made generally at such times, at such exercise prices, and in a manner consistent with and under the same terms and conditions as are contained in, options granted to other senior officers of the Company, as determined by the Board and/or its Compensation Committee, and shall be made under and subject to the Stock Option Plan, or any successor plan. All such options shall terminate on the Employment Ending Date. * (The stock option grants are based on the following estimations:
1. The Company's valuation at the time of the IPO is estimated to range from $1.5 to $2.0 billion.
2. The Company's initial stock offering to the public is estimated to be $100 million more or less, and the initial offering price is estimated to be $20/share more or less.
3. Based on estimations 1 and 2 above, there will likely be 75 to 100 million shares of A-55, Inc. common stock issued and outstanding at the time of the IPO, of which approximately 5 to 6 million will likely be publicly held.
4. It is estimated that approximately 1 million shares will be allocated to the Company's employee stock option plan as identified in the S-I registration filing.)
Annual Stock Option Grants. The parenthetical phrase in the second -------------------------- sentence of Section 4(c) of the Employment Agreement is hereby deleted in its entirety. The following sentence is added as the third sentence in Section 4(c) of the Employment Agreement: "Notwithstanding the foregoing sentence, beginning with Fiscal Year 2000 and in each Fiscal Year thereafter during the term of this Agreement, Officer shall be granted stock options to purchase 125,000 shares of common stock of the Company."
Annual Stock Option Grants. For so long as Executive remains employed by the Company, on each anniversary of the Effective Date, Company hereby agrees to grant and Executive hereby agrees to accept as of such anniversary (the “Grant Date”) an unvested, nonqualified option to purchase Twenty-Five Thousand (25,000) shares of Company common stock with a per share exercise price equal to the fair market value as of each such share as determined on the Grant Date (the “Annual Option Grant”). Absent separate agreement between Executive and the Company’s Board of Directors, all such annual grants will cease as of the termination of Executive’s employment with the Company. Each respective Annual Option Grant shall be subject to a vesting schedule such that Executive’s right to exercise such options shall vest pro rata over the ensuing twelve (12) consecutive calendar month period beginning with the Grant Date, with each such pro rata portion thereof continuing to vest so long as Executive remains employed under the terms of this Agreement with Company on the last day of each such monthly period. Except for the Grant Date and exercise price, the Annual Option Grant shall be subject to the same terms and conditions as the 201_ Stock Option Agreement and otherwise subject to the terms and conditions of the Plan or any successor incentive equity plan thereof.
Annual Stock Option Grants. On the first anniversary of the Commencement Date, and on each subsequent anniversary of such date during the Term, subject to approval by the Board and such other approvals as the Board may deem necessary or appropriate to effectuate each grant contemplated by this paragraph, and Executive’s continued employment with the Company through the date of each such grant, the Company will grant to Executive an additional non-qualified option to purchase 125,000 Shares with an exercise price per Share equal to 110% of the grant date fair market value of one Share (the “Annual Stock Options”). The Annual Stock Options will be subject to all of the terms and conditions of the Equity Documents (including as to vesting and forfeiture), which will provide, among other things, that each Annual Stock Option shall vest and become exercisable over 3 years from the grant date of such Annual Stock Option, with one-third (1/3) of such Annual Stock Option vesting and becoming exercisable on the grant date, and the remainder of such Annual Stock Option vesting and becoming exercisable in equal monthly installments thereafter over the remainder of the applicable 3-year vesting term, in each case contingent on Executive’s continued employment with the Company through each vesting date. Notwithstanding anything herein to the contrary, in the event of any conflict between any terms of this Agreement and any terms of the Equity Documents with respect to any Annual Stock Option, the terms of the Equity Documents will prevail.
