Employee Share Option Plan. Prior to the Closing, the Company has reserved 145,696,410 Class A Ordinary Shares (subject to share split, share combination, share dividend or such similar recapitalization event) for issuance under a share incentive plan established for the benefit of the officers, employees and consultants of the Company (the “ESOP”); provided, (i) the adoption and the amendment of the ESOP shall be consistent with the terms of the Restated Articles and shall be subject to the approval of the Preferred Super-majority, and (ii) any grant of share options under the ESOP shall be consistent with the terms of the Restated Articles and shall be subject to the approval by the majority of the members of the Board; provided, further, that, unless otherwise approved by the Board (including the affirmative vote of the Founder Director and the Majority Investor Directors), all officers, employees and consultants of the Company who are entitled to purchase, or receive options to purchase, shares of the Company under the ESOP shall be required to execute share purchase or option agreements providing for vesting of shares over at least a four-year period. In the event of (i) a Trade Sale Event, or (ii) a liquidation, dissolution or winding up of the Company, unless approved otherwise by the Preferred Super-majority, all of the options that have not been issued or granted under the ESOP shall be cancelled immediately prior to the consummation of such transaction.
Employee Share Option Plan. After the Closing, the Company (but not any other Group Company) may issue shares and grant options to employees, advisors, officers, directors, and consultants of the Company and its subsidiaries pursuant to the Employee Share Option Plan, in the form and substance satisfactory to the Investor.
Employee Share Option Plan. Promptly following the consummation of all Closings (as defined in the Purchase Agreement), the Company shall, subject to approval of the Board and any required shareholder approvals, increase the number of Ordinary Shares reserved for issuance under the Company’s Employee Share Option Plan (the “ESOP”) to the officers, employees and consultants of the Company by reserving an additional number of Ordinary Shares of up to five percent (5%) of the total outstanding share capital of the Company immediately after all Closings (on an as converted and fully diluted basis). Options to purchase up to sixty percent (60%) of such additionally reserved Ordinary Shares (i.e. 7,384,607 Ordinary Shares) shall be granted to the Company’s Chief Executive Officer immediately upon the Closings, and shall be fully vested upon the successful completion of the Company’s QIPO, subject to obtaining requisite approvals of the Board.
Employee Share Option Plan. The Company shall as soon as practicable after the date of this Agreement establish a share option plan in respect of up to a maximum of 15% of the issued share capital of the Company, immediately following Completion, on terms approved in advance by the holders of the majority of Shares. The Company may grant options to the employees, consultants and advisers under such share option plan subject to the approval of the Remuneration Committee.
Employee Share Option Plan. The Company shall as soon as practicable after the date of this Agreement establish a share option plan in respect of up to a maximum of 1.5% of the issued share capital of the Company, immediately following Completion and excluding any and all shares owned or held in the Company by Xxxxxxx XxXxxxx, Xxxxxx Xxxxxxx, Xxxx Xxxxx and Xxxxxxxx X’Xxxxxxx, on terms approved in advance by the holders of the majority of Shares. The Company may grant options to the employees, consultants and advisers under such share option plan subject to the approval of the Remuneration Committee.
Employee Share Option Plan. 3.1 The Parties agree that as soon as practicable following the Establishment Date, the ESOP shall be submitted to the Board for review and approval. The ESOP shall contemplate the issuance of an additional 10% of the share capital in the Company to specified categories of employees of the Group Companies upon exercise of the option rights granted under the ESOP. The Parties shall cause all Directors to vote in favour of the ESOP.
Employee Share Option Plan. NOTE: THE GRANTING OF SHARE OPTIONS TO ANY INDIVIDUAL OR INDIVIDUALS, WHO ARE NOT DIRECTORS, CAN ONLY BE AUTHORISED BY THE HEARTWARE LIMITED BOARD OF DIRECTORS
(i) On signing this Agreement, the Executive will be entitled to be granted 764,204options under the Company's Employee Share Option Plan (OPTION SHARES). The number, exercise price and vesting of the Options will be as follows:
Employee Share Option Plan. The Parties agree that the Company may establish an employee share option plan or similar scheme (the “ESOP”) of which terms shall be in accordance with the relevant Korean laws. The number of Shares reserved under the ESOP to be issued in accordance with the terms of the ESOP shall not exceed ten percent (10%) of the total number of issued and outstanding Shares of the Company. Any ESOP must be approved by the Board of Directors.
Employee Share Option Plan. Unless otherwise approved by the board of directors all options granted to employees under the Company’s Employee Share Option Plan shall have (i) vesting of shares over a three (3) year period, with the first thirty three and one third percent (33.3%) of such shares vesting following twelve (12) months of continued employment or service, and the remaining shares vesting in equal quarterly installments over the following twelve (8) quarters; and (ii) a “Lock-Up” provision substantially similar to that in Subsection 2.11 herein.
Employee Share Option Plan. (i) The Executive will be entitled to be granted options under the Company's Employee Share Option Plan (OPTIONS) equal to 3% of the issued capital of the Company on Listing. The number, exercise price and vesting of the Options will be as follows:
