Bonus Grant Sample Clauses
Bonus Grant. Not later than May 3, 2021, Employee shall be granted Options to purchase 120,000 shares of the Company’s common stock with an exercise price equal to the fair market value at the time of grant. Such Options will be on the Company’s customary terms and conditions and, subject to Employee’s continued employment, shall vest as follows: (a) 20,000 Options shall vest upon the Company’s achievement of $3.5 million in Adjusted Gross Sales in Fiscal Year 2022 (October 1, 2021 through September 30, 2022); (b) 20,000 options shall vest upon the Company’s achievement of $7 million in Adjusted Gross Sales in Fiscal Year 2022 (inclusive of the initial $3.5 million in Adjusted Gross Sales in Fiscal Year 2022); (c) 20,000 options shall vest upon the Company’s achievement of $5 million in Adjusted Gross Sales in Fiscal Year 2023 (October 1, 2022 through September 30, 2023); (d) 20,000 Options shall vest upon the Company’s achievement of $10 million in Adjusted Gross Sales in Fiscal Year 2023 (inclusive of the initial $5 million in Adjusted Gross Sales in Fiscal Year 2023); (e) 20,000 Options shall vest upon the Company’s completion of $7.5 million in Adjusted Gross Sales in Fiscal Year 2024 (October 1, 2023 through September 30, 2024); and (f) 20,000 Options shall vest upon the Company’s completion of $15 million in Adjusted Gross Sales in Fiscal Year 2024 (inclusive of the initial $7.5 million in Adjusted Gross Sales in Fiscal Year 2024). The Company shall employ its best efforts to achieve closure on sales to meet Employee’s Bonus Grant Schedule as outlined in this Section. At Company’s election, the foregoing Options may be subject to execution of an amendment to the Stock Option Agreement consistent herewith. The Option will not be formalized until approved by the Compensation and Options Committee of the Company’s Board of Directors.
Bonus Grant. The Company hereby agrees that upon receipt of evidence reasonably satisfactory to the Company that the Employee has duly and timely made the section 83(b) election described above, the Company will grant the Employee a bonus (the "BONUS") in an amount equal to $[_____]. This Bonus reimburses the employee, on a fully tax-grossed-up basis, for approximately all of the FICA taxes and for a portion of the income taxes paid by the Employee with respect to the employee's Section 83(b) election.