Common use of Award of Option Clause in Contracts

Award of Option. Effective upon the date hereof, and subject to the terms and conditions set forth herein and in the Plan, RBMG has awarded to the Optionee the option to purchase from RBMG, at an Option Price per share as shown above, up to but not exceeding in the aggregate the shares of Common Stock shown above as the Shares Granted. RBMG intends the Option Price to be at least 100% of the Fair Market Value of the shares of Common Stock subject to the Option as of the Agreement Date. In the case of an Option granted to a 10% Stockholder, the Option Price of each share of Common Stock covered by the Option is at least 110% of the Fair Market Value per share of Common Stock on the Agreement Date. It is intended that this Option qualify to the extent possible as an ISO. RBMG shall have no liability if this Option shall not qualify as an ISO, but this Option shall continue in full force and effect as an NQSO notwithstanding such failure to so qualify.

Appears in 5 contracts

Samples: Incentive Stock Option Agreement (Resource Bancshares Mortgage Group Inc), Incentive Stock Option Agreement (Resource Bancshares Mortgage Group Inc), Incentive Stock Option Agreement (Resource Bancshares Mortgage Group Inc)

AutoNDA by SimpleDocs

Award of Option. Effective upon the date hereof, and subject to the terms and conditions set forth herein and in the Plan, RBMG has awarded to the Optionee the option to purchase from RBMG, at an Option Price per share as shown above, up to but not exceeding in the aggregate the shares of Common Stock shown above as the Shares Granted. RBMG intends the Option Price to be at least 100% of the Fair Market Value of the shares of Common Stock subject to the Option as of the Agreement Date. In the case of an Option option granted to a 10% Stockholder, the Option Price of each share of Common Stock covered by the Option is at least 110% of the Fair Market Value per share of Common Stock on the Agreement Date. It is intended that this Option option qualify to the extent possible as an ISO. RBMG shall have no liability if this Option shall not qualify as an ISO, but this Option shall continue in full force and effect as an NQSO notwithstanding such failure to so qualify.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (Resource Bancshares Mortgage Group Inc)

AutoNDA by SimpleDocs
Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!