Common use of Basic Limitation Clause in Contracts

Basic Limitation. Shares offered under the Plan shall be authorized but unissued Shares or treasury Shares. The aggregate number of Shares authorized for issuance as Awards under the Plan shall not exceed the sum of (x) fifty-four million three hundred thirty-three thousand three hundred thirty-three (54,333,333) Shares, plus (y) the sum of the number of Shares subject to outstanding awards under the Predecessor Plan on the Effective Date that are subsequently forfeited or terminated for any reason before being exercised or settled, plus the number of Shares subject to vesting restrictions under the Predecessor Plan on the Effective Date that are subsequently forfeited, plus the number of reserved Shares not issued or subject to outstanding grants under the Predecessor Plan on the Effective Date (in each case such number of Shares set forth under (x) and (y) reflects the 1-for-30 reverse stock split approved by the Board of Directors and the stockholders, effective as of June 24, 2024). Notwithstanding the foregoing, the number of Shares that may be delivered in the aggregate pursuant to the exercise of ISOs granted under the Plan shall not exceed fifty-four million three hundred thirty-three thousand three hundred thirty-three (54,333,333) Shares plus, to the extent allowable under Section 422 of the Code, any Shares that become available for issuance under the Plan pursuant to Section 5(c). The limitations of this Section 5(a) shall be subject to adjustment pursuant to Section 12. The number of Shares that are subject to Awards outstanding at any time under the Plan shall not exceed the number of Shares which then remain available for issuance under the Plan. The Company shall at all times reserve and keep available sufficient Shares to satisfy the requirements of the Plan.

Appears in 2 contracts

Samples: 2020 Stock Incentive Plan (Nikola Corp), 2020 Stock Incentive Plan (Nikola Corp)

AutoNDA by SimpleDocs

Basic Limitation. Shares offered under the Plan shall be authorized but unissued Shares shares or treasury Sharesshares. The maximum aggregate number of Shares authorized for issuance as Awards under the Plan shall not exceed (i) Shares (the sum of (x) fifty-four million three hundred thirty-three thousand three hundred thirty-three (54,333,333) Shares“Share Reserve”), plus (yii) the sum of the number of any Returning Shares subject which become available from time to outstanding awards under the Predecessor Plan on the Effective Date that are subsequently forfeited or terminated for any reason before being exercised or settledtime, plus the number of Shares subject to vesting restrictions under the Predecessor Plan on the Effective Date that are subsequently forfeited, plus (iii) the number of reserved Shares not issued or subject to outstanding grants under the Predecessor 2014 Plan on the Effective Date Date, plus (iv) an annual increase on the first day of each calendar year for a period of not more than ten years beginning on January 1, 2023 and ending on (and including) January 1, 2032, in each case such an amount equal to (x) percent ( ) of the total number of Shares set forth under (x) and outstanding on the last day of the immediately preceding calendar year or (y) reflects such lesser amount (including zero) that the 1-for-30 reverse stock split approved by Committee or Board determines for purposes of the Board of Directors and the stockholders, effective as of June 24, 2024)annual increase for that calendar year. Notwithstanding the foregoing, the number of Shares that may be delivered in the aggregate pursuant to the exercise of ISOs granted under the Plan shall not exceed fifty-four million three hundred thirty-three thousand three hundred thirty-three five (54,333,3335) times the number of Shares provided under clause (i) above plus, to the extent allowable under Section 422 of the Code, any Shares that become available for issuance under the Plan pursuant to Section 5(c5(b), but nothing in this Section 5 will be construed as requiring that any, or any fixed number of, ISOs be awarded under the Plan. The limitations of this Section 5(a) shall be subject to adjustment pursuant to Section 12. The number of Shares that are subject to Awards outstanding at any time under the Plan shall not exceed the number of Shares which then remain available for issuance under the Plan. The Company shall at all times reserve and keep available sufficient Shares to satisfy the requirements of the Plan.

Appears in 1 contract

Samples: 2023 Stock Incentive Plan (Silvaco Group, Inc.)

Basic Limitation. Shares offered under the Plan shall be authorized but unissued Shares or treasury Shares. The maximum aggregate number of Shares authorized for issuance as Awards under the Plan shall not exceed the sum of (x) fifty-four million three hundred thirty-three thousand three hundred thirty-three (54,333,3334,333,333) Shares, plus (y) the sum of the number of any Returning Shares subject which become available from time to outstanding awards under the Predecessor Plan on the Effective Date that are subsequently forfeited or terminated for any reason before being exercised or settled, plus the number of Shares subject to vesting restrictions under the Predecessor Plan on the Effective Date that are subsequently forfeited, time plus the number of reserved Shares not issued or subject to outstanding grants under the Predecessor Plan on the Effective Date Date, plus (z) an annual increase on the first day of each fiscal year, for a period of not more than ten (10) years, beginning on January 1, 2022, and ending on (and including) January 1, 2031, in each case an amount equal to (i) five percent (5%) of the outstanding Shares on the last day of the immediately preceding fiscal year or (ii) such number of Shares set forth under lesser amount (xincluding zero) and (y) reflects the 1-for-30 reverse stock split approved by that the Board determines for purposes of Directors and the stockholders, effective as of June 24, 2024)annual increase for that fiscal year. Notwithstanding the foregoing, the number of Shares that may be delivered in the aggregate pursuant to the exercise of ISOs granted under the Plan shall not exceed fifty-four million three hundred thirty-three thousand three hundred thirty-three (54,333,3334,333,333) Shares plus, to the extent allowable under Section 422 of the Code, any Shares that become available for issuance under the Plan pursuant to Section 5(c5(b). The limitations of this Section 5(a) shall be subject to adjustment pursuant to Section 12. The number of Shares that are subject to Awards outstanding at any time under the Plan shall not exceed the number of Shares which then remain available for issuance under the Plan. The Company shall at all times reserve and keep available sufficient Shares to satisfy the requirements of the Plan.

Appears in 1 contract

Samples: 2021 Stock Incentive Plan (1stdibs.com, Inc.)

Basic Limitation. Shares offered under the Plan shall be authorized but unissued Shares or treasury Shares. The aggregate number of Shares authorized for issuance as Awards under the Plan shall not exceed the sum of (x) fifty-four twenty million three hundred thirty-three thousand three hundred thirty-three (54,333,33320,000,000) Shares, plus (y) the sum of the number of Shares subject to outstanding awards under the Predecessor Plan on the Effective Date that are subsequently forfeited or terminated for any reason before being exercised or settled, plus the number of Shares subject to vesting restrictions under the Predecessor Plan on the Effective Date that are subsequently forfeited, plus the number of reserved Shares not issued or subject to outstanding grants under the Predecessor Plan on the Effective Date Date, plus (z) an annual increase on the first day of each fiscal year, for a period of not more than 10 years, beginning on January 1, 2021, and ending on (and including) January 1, 2030, in each case an amount equal to (i) two and one half percent (2.5)% of the outstanding Shares on the last day of the immediately preceding fiscal year or (ii) such number lesser amount (including zero) that the Committee determines for purposes of Shares set forth under (x) and (y) reflects the 1-for-30 reverse stock split approved by the Board of Directors and the stockholders, effective as of June 24, 2024)annual increase for that fiscal year. Notwithstanding the foregoing, the number of Shares that may be delivered in the aggregate pursuant to the exercise of ISOs granted under the Plan shall not exceed fifty-four twenty million three hundred thirty-three thousand three hundred thirty-three (54,333,33320,000,000) Shares plus, to the extent allowable under Section 422 of the Code, any Shares that become available for issuance under the Plan pursuant to Section 5(c). The limitations of this Section 5(a) shall be subject to adjustment pursuant to Section 12. The number of Shares that are subject to Awards outstanding at any time under the Plan shall not exceed the number of Shares which then remain available for issuance under the Plan. The Company shall at all times reserve and keep available sufficient Shares to satisfy the requirements of the Plan.

Appears in 1 contract

Samples: 2020 Stock Incentive Plan (Nikola Corp)

AutoNDA by SimpleDocs

Basic Limitation. Shares offered under the Plan shall be authorized but unissued Shares shares or treasury Sharesshares. The maximum aggregate number of Shares authorized for issuance as Awards under the Plan shall not exceed (i) 3,425,278 Shares (the sum of (x) fifty-four million three hundred thirty-three thousand three hundred thirty-three (54,333,333) Shares“Share Reserve”), plus (yii) the sum of the number of any Returning Shares subject which become available from time to outstanding awards under the Predecessor Plan on the Effective Date that are subsequently forfeited or terminated for any reason before being exercised or settledtime, plus the number of Shares subject to vesting restrictions under the Predecessor Plan on the Effective Date that are subsequently forfeited, plus (iii) the number of reserved Shares not issued or subject to outstanding grants under the Predecessor 2014 Plan on the Effective Date Date, plus (iv) an annual increase on the first day of each calendar year for a period of not more than ten years beginning on January 1, 2025 and ending on (and including) January 1, 2034, in each case such an amount equal to (x) three percent (3%) of the total number of Shares set forth under (x) and outstanding on the last day of the immediately preceding calendar year or (y) reflects such lesser amount (including zero) that the 1-for-30 reverse stock split approved by Committee or Board determines for purposes of the Board of Directors and the stockholders, effective as of June 24, 2024)annual increase for that calendar year. Notwithstanding the foregoing, the number of Shares that may be delivered in the aggregate pursuant to the exercise of ISOs granted under the Plan shall not exceed fifty-four million three hundred thirty-three thousand three hundred thirty-three five (54,333,3335) times the number of Shares provided under clause (i) above plus, to the extent allowable under Section 422 of the Code, any Shares that become available for issuance under the Plan pursuant to Section 5(c5(b), but nothing in this Section 5 will be construed as requiring that any, or any fixed number of, ISOs be awarded under the Plan. The limitations of this Section 5(a) shall be subject to adjustment pursuant to Section 12. The number of Shares that are subject to Awards outstanding at any time under the Plan shall not exceed the number of Shares which then remain available for issuance under the Plan. The Company shall at all times reserve and keep available sufficient Shares to satisfy the requirements of the Plan.

Appears in 1 contract

Samples: 2024 Stock Incentive Plan (Silvaco Group, Inc.)

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