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. 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. 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. The Company shall adopt the share option plan in a form accepted by the Investor, whereby the Key Employees shall be afforded with a right to acquire ordinary Shares (subject to a maximum option pool of [●]% Shares in the Company’s share capital) (the “Share Option Plan”). The Founder shall provide his Shares for the purpose of the Share Option Plan. The Share Option Plan shall not require issue of new shares by the Company and shall not dilute the stake held by the Investor. The Share Option Plan shall be adopted within 1 (one) year from a date of the Closing. Prior to acquiring Shares, each Key Employee shall assume obligations resulting from sections 5 (Disposal of the Shares), 9 (Exit), 11 (Right of the First Refusal (ROFR)), 12 (Tag-along Right) and 13 (Drag-along Right) hereof.
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:
Employee Share Option Plan. (i) The Executive will be entitled to be granted options under the Company's employee share option plan (OPTION SHARES) equal to half of one per cent (0.5%) of the issued capital on Listing. The exercise price and vesting of the Option Shares will be as follows: % OF OPTIONS EXERCISE PRICE VESTING DATE ------- -------------- ------------ 25% AUD$0.60 First Anniversary of Commencement Date 25% AUD$0.75 Second Anniversary of Commencement Date 25% AUD$1.00 Third Anniversary of Commencement Date 25% AUD$1.50 Fourth Anniversary of Commencement Date
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
Employee Share Option Plan. (a) On the Commencement Date, HeartWare Australia will grant the Executive options under HeartWare Australia's Employee Share Option Plan (ESOP), subject to the terms of the ESOP.
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. “ESOP”).
