Initial Stock Options. Upon execution of this Agreement, Executive shall be granted an incentive stock options for a total of 300,000 shares of the Corporation's Common Stock under the Corporation's stock option plan (the "Initial Stock Options"). This grant is effective as of the date of this Agreement (or the date of grant under the plan, if later). One third of such Initial Stock Options shall become exercisable on each successive anniversary of the date of the Agreement, provided that the Executive is employed by the Corporation on each such anniversary date.
Initial Stock Options. On the Effective Date, Employer shall issue to Employee options (the "Stock Options") to purchase up to Twenty Thousand (20,000) shares of common stock, par value $0.01 per share, of Employer (the "Common Stock"). The exercise of any of the Stock Options will be conditioned upon Employer receiving, as required by the New York Stock Exchange (the "NYSE"), either (i) a waiver by the NYSE permitting Employer to issue stock upon exercise of the Stock Options without stockholder approval (which waiver Employer shall use reasonable efforts to obtain), or (ii) if such waiver is not obtained, the approval of the stockholders of Employer with regard to the issuance of stock upon exercise of the Stock Options. Except as provided herein, the Stock Options shall vest in the same manner that options will vest for other executive personnel of Employer, which will be determined by the Board or the Compensation Committee thereof; provided, however, that each Stock Option shall fully vest immediately upon the termination of this Agreement pursuant to Section 4(a)(i) or Section 4(b) hereof. Each Stock Option shall be exercisable at a price per share of Common Stock equal to the closing trading price of the Common Stock on the NYSE for the trading day immediately preceding the day on which such Stock Option is granted by Employer. Subject to the vesting requirements set forth above and continued employment by Employee with Employer, each Stock Option shall be exercisable for a period of ten (10) years from the date such Stock Option is granted (the "Grant Date"). To the extent each such Stock Option shall have vested pursuant to this Section 3(c), such exercise period shall survive the expiration or termination of Employee's employment by Employer, pursuant to this Agreement or otherwise, for any reason whatsoever, for a period of ninety (90) days following the termination of Employee's employment. Subject to any required action by Employer (which shall be promptly taken), the stockholders of Employer and provisions of the Maryland General Corporation Law, if the outstanding shares of Common Stock are increased or decreased or changed into or exchanged for a different number or kind of security by reason of any recapitalization, reclassification, stock split-up, combination of shares, exchange of shares, stock dividend or other distribution payable in capital stock, or other increase or decrease in such Common Stock effected without receipt of consideration by Employer occur...
Initial Stock Options. You shall be entitled to receive stock options --------------------- to purchase up to an aggregate of 30,000 shares of common stock of the Company. Such options shall be priced on the closing price of the Company's Common Stock as reported by NASDAQ on the date you commence employment with the Company and shall vest as follows: the stock options have a four year vesting period, with 20% vesting after six months, 20% vesting after one year, 20% at the end of two years, 20% at the end of three years, and full vesting at the end of four years in four equal annual installments on the anniversary date of such grant. A copy of the forms of option grant letter is attached hereto as Exhibits D and E. ---------------- Notwithstanding the foregoing, in the event of a Change of Control (as defined in Section 7 herein), an additional 20% of such option shall vest upon the Change of Control (but in any event not to exceed 100% of the original option grant).
Initial Stock Options. The Company shall grant to the Executive options to purchase 2,500,000 shares of common stock of the Company. The exercise price of the options shall be $.04 per share. The Initial Stock Options shall have a term equal to the Term of this Agreement, plus two years after the termination of this Agreement, regardless of the reason for termination. The stock options shall vest 100% on the Effective Date. Upon the exercise of the stock options, Executive shall be deemed the owner of the common stock into which the stock options were exercisable. Upon any change in the number of outstanding shares of the Company's common stock by reason of a stock dividend, stock split, recapitalization, merger, consolidation, exchange of shares, reorganization or other change in the Company's corporate structure or stock, an appropriate and equitable adjustment will be made in the number of shares covered by this option and the option prices thereof. Any such adjustment shall not change the total option price applicable to the unexercised portion of this option, but will provide for corresponding adjustments in the option price for each share covered by this option. All adjustments and determinations made by the Board of Directors of the Company in connection therewith shall be effective and binding for all purposes of this option. The grant of this option shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or other changes of its capital or business structure, to merge or consolidate, or to dissolve, liquidate, sell or transfer all or any part of its business or assets, or to do any other corporate act, whether of a similar character or otherwise. Upon the exercise of the options, the Company shall immediately register the opted shares following the Executive's execution of the option.
Initial Stock Options. Upon the Parent’s adoption of an employee stock option plan, Employee will be granted options to purchase 3,450,000 shares of the Common Stock of the Parent at a price equal to the closing market price of the Common Stock on the date Employee commences employment. The options will vest in three equal annual installments and terminate ten years from the date of grant.
Initial Stock Options. On the Effective Date, the Company shall grant the Executive the following options to purchase stock of the Company, which options shall be transferable by the Executive to members of his immediate family or to trusts or partnerships formed for the benefit of the Executive or members of his immediate family:
(i) A ten (10)-year option, exercisable from and after the date of grant, to purchase a number of shares equal to five percent (5%) of the Company's stock outstanding as of the Effective Date (the "First Installment"), for an aggregate exercise price equal to five percent (5%) of the total deemed equity value of the Company as of the Effective Date (referred to hereinafter as the "Reorganization Equity Value"), which for purposes of this Agreement shall be eighty-five million dollars ($85,000,000); provided, however, that if the post-reorganization capital structure of the Company or any other economic feature of the plan of reorganization referred to in Section 2, above, differs materially from those described in the Disclosure Statement approved by the bankruptcy court on October 15, 1998, the Reorganization Equity Value shall be adjusted appropriately;
(ii) A ten (10)-year option to purchase a number of shares equal to two and one-half percent (2.5%) of the Company's stock outstanding as of the Effective Date (the "Second Installment"), for an aggregate exercise price equal to two and seven-eighths percent (2.875%) of the Reorganization Equity Value (i.e., a premium of fifteen percent (15%) over the pro rata Reorganization Equity Value), which option shall vest in twelve (12) equal monthly portions, beginning with the first anniversary of the date of grant, with one-twelfth (1/12) vesting on such first anniversary and an additional one-twelfth (1/12) vesting on the first day of each of the next eleven (11) calendar months thereafter; and
(iii) A ten (10)-year option to purchase a number of shares equal to two and one-half percent (2.5%) of the Company's stock outstanding as of the Effective Date (the "Third Installment"), for an aggregate exercise price equal to three and one-fourth percent (3.25%) of the Reorganization Equity Value (i.e., a premium of thirty percent (30%) over the pro rata Reorganization Equity Value), which option shall vest in twelve (12) equal monthly portions, beginning with the second anniversary of the date of grant, with one-twelfth (1/12) vesting on such second anniversary and an additional one-twelfth (1/12) vesting on the...
Initial Stock Options. On the Effective Date, the Company will grant Employee options to purchase 500,000 shares of the Company's common stock (the "Common Stock"). The terms of such options are set forth in a Stock Option Agreement, dated as of the Effective Date, between the Company and Employee, which is attached hereto as Exhibit_A.
Initial Stock Options. As of the Employment Commencement Date, Executive shall be granted stock options (the "Initial Stock Options") to purchase a total of two million (2,000,000) shares of Company common stock with a per share exercise price equal to twelve and eleven-sixteenths dollars ($12-11/16ths) (the" Employment Commencement Date Stock Value"). The Initial Stock Options shall be for a term of ten years (or shorter upon termination of employment or consulting relationship with the Company) and, subject to accelerated vesting as set forth elsewhere herein, shall vest as to 1/48th of the shares on each month following the Commencement Date, so as to be 100% vested on the four year anniversary thereof, conditioned upon Executive's continued employment or consulting relationship with the Company as of each vesting date. The Stock Options are intended to be "incentive stock options" as defined in Section 422 of the Internal Revenue Code of 1986, as amended (the "Code"), to the maximum extent permitted by the $100,000 rule of Code Section 422(d). Except as specified otherwise herein, these option grants are in all respects subject to the terms, definitions and provisions of the Company's 1989 Stock Plan and the standard form of stock option agreement thereunder (the "Option Agreement"), which documents are incorporated herein by reference; provided, however, that to the extent that the Stock Options may not be granted under the 1989 Stock Plan by virtue of the limitation on the number of shares subject to option that may be granted thereunder in any fiscal year of the Company, they shall be granted outside of the 1989 Stock Plan pursuant to a written option agreement containing the same material terms and conditions as to those governing the option granted under the 1989 Stock Plan. Any such non-Stock Plan stock option shall be registered by the Company on Form S-8 prior to any vesting of such option.
Initial Stock Options. Subject to approval by the Company's Board of Directors, you will be granted an initial stock option to purchase 800,000 shares of the Company's Common Stock ("Option") on the following terms.
Initial Stock Options. In consideration for entering into this Employment Agreement, the Holding Company hereby grants the Executive options to purchase 200,000 shares of the common stock of the Holding Company (the “Initial Stock Options”) with a strike price equal to the closing price of the common stock of the Holding Company on the date of execution of this Agreement, rounded to the closest quarter points up (0.25); provided, however, that the strike price shall not be less than $3.00. The aforementioned grant of the Initial Stock Options shall be subject to all the applicable terms and conditions of the Company’s Stock Option Plan, which are incorporated by reference herein. The Initial Stock Options shall be subject to a five-year vesting schedule (20% of the Initial Stock Options shall vest each year on each anniversary of the Executive’s employment hereunder). However, in the event of a change in control, all options become fully vested.
