Founder's Stock. Subject to the approval of the 2004 Omnibus Long-Term Plan at the Company's 2004 annual meeting of stockholders, an allocation of 175,000 shares of the Company's common stock in the initial public offering of the Company (the "Founder's Stock") shall be granted to the Executive no later than the closing of the initial public offering of Company stock and the right to dispose of such stock shall vest in three (3) equal installments on each of the first three anniversaries of the Effective Date (or earlier as provided in the Agreement) if Executive has been continuously employed by the Company from the Effective Date to such anniversary provided that all other rights with respect to such stock (including the right to vote and the right to receive dividends) shall vest immediately (subject to forfeiture if the unvested shares are forfeited on termination of employment, except as otherwise provided in the Agreement.)
Founder's Stock. Immediately following execution of this Agreement and Executive’s execution of a lock-up agreement, substantially in the form of Exhibit A, the Company shall grant Executive 1,400,000 shares of common stock (the “Founders’ Stock”). The Founders’ Stock shall be fully (100%) vested upon grant.
Founder's Stock. Founder has purchased from the Corporation an aggregate of 1,080,000 shares of Common Stock (the "Shares") at a per-share purchase price of $.001 (the "Original Purchase Price") as more specifically set forth on Schedule 1 hereto. Founder's Shares shall be subject to a number of restrictions as set forth in this Agreement. Certain of the restrictions with respect to Founder's Shares may terminate under various conditions pursuant hereto in consideration for Founder's service to the Corporation as described herein.
Founder's Stock. Founder's Shares shall be affected as follows:
(A) In the event (i) Founder dies; (ii) of a breach by Founder of any of the terms of the Nondisclosure and Developments Agreement or the Common Stock Acquisition Agreement by which Founder purchased the Founder's Shares (any such case, a "Discontinuation Event"), certain of Founder's Shares, defined below as "Unvested Shares," shall be repurchased and paid for in full by the Corporation at the Original Purchase Price within 30 days of such Discontinuation Event. Unvested Shares shall be those Founder's Shares which have not yet vested according to the schedule set forth in Schedule 1 hereto. Notwithstanding the preceding sentence, in the event the Corporation's Board of Directors approves a sale or merger (other than a merger with or into a wholly-owned subsidiary of the Corporation or a merger in which the Corporation is the surviving entity) of the Corporation or an initial public offering of the Corporation's stock (any of which events is defined herein as a "Triggering Transaction"), Founder will be notified of such Board action. Any of Founder's then Unvested Shares will become Vested Shares (as defined below) simultaneously with the consummation of the Triggering Transaction. Upon the occurrence of a Discontinuation Event, all of Founder's Unvested Shares shall forever remain Unvested Shares.
(B) Upon the occurrence of a Discontinuation Event, Founder's Shares which are vested pursuant to Schedule 1 hereto ("Vested Shares") may be repurchased by the Corporation, solely at the option of the Corporation (the "Corporation Option"), at Fair Market Value (as defined below). The Corporation agrees to give Founder (or his estate) notice of its intent to exercise the Corporation Option within ninety (90) days of the date of such Discontinuation Event and to pay for those shares for which it exercises such Corporation Option as follows: 3/24ths of the total price within 90 days of the date of the Discontinuation Event, with the balance to be paid in equal monthly installments over the next succeeding twenty-one months.
Founder's Stock. Upon the Starting Date, the employee will be issued four (4%) percent of the companies issued common stock in the Company. The Company commits that this is an undiluted 4% commitment of the companies issued common stock and that if additional stock (in excess of the 100,000,000 shares) is issued by the Board of Directors, the Company will issue those numbers of shares to the employee at a cost of $.0001 per share to keep the 4% share of issued stock whole and in tact. This commitment will survive this contract in perpetuity and can only be terminated by the voluntary resignation of the employee.
Founder's Stock. Executive purchased common stock of the Company on --------------- June 4, 1997 (the "Initial Purchase"). The Common Stock Purchase Agreement between the Company and Executive dated June 4, 1997 and the Amendment to Common Stock Purchase Agreement between the Company and Executive dated August 13, 1997 that underlie the Initial Purchase (collectively, the "Purchase Agreement") are attached hereto as Exhibit A. ---------
Founder's Stock. In change for industry knowledge, the Company has granted to the Employee, Founder's stock equal to 4 1/6%, of DMC Cinema, Inc.'s fully paid and non-assessable voting common stock.
Founder's Stock. The Company will have the right of first refusal to purchase Founder's Stock as set forth in Section 3 below.
Founder's Stock. XxxXxxxx shall retain the 255,103 shares of the Company common stock designated as “Founders Stock” that were to vest on April 16, 2013 and the 255,103 shares of the Company common stock designated as “Founders Stock” that were to vest on April 16, 2014 (collectively, the “Founders Stock”). Pursuant to this Agreement, the Founders Stock shall become vested immediately without any further action on the part of the Company or XxxXxxxx. The Parties agree that the fair value for the Founders Stock shall be twenty cents ($.20) per share.
Founder's Stock. The Founders' will collectively sell to each Investor 25,000 Founders' Shares for every $100,000 in principal dollar amount of the Bridge Notes. One half (50%) of the Founders' Shares will be issued upon issuance of the Bridge Note. The balance will be issued upon conversion of the principal amount of the Bridge Notes into debt or equity securities of the Company. If there is no conversion of the Bridge Note into debt or equity securities of the Company, the right to purchase the remaining one half (50%) of the Founders' Shares will be forfeited. If the Investor purchases a Bridge Note in an amount which is not divisible by $100,000, the Investor shall receive a pro rata number of Founders' Shares based on the amount of the Bridge Note.
