Non-Qualified Stock Options. The Options granted hereunder are not intended to be Incentive Stock Options or Qualified Stock Options.
Non-Qualified Stock Options. In the case of a Non-qualified Stock Option, the Exercise Price shall be not less than one hundred percent (100%) of the Fair Market Value of a Share on the Grant Date.
Non-Qualified Stock Options. (i) Subject to Section 4(c)(iii) herein, the Parent Company will grant to the Associate, pursuant to the Parent Company’s Amended and Restated Stock Option Plan (the “Option Plan”), non-qualified stock options to purchase an aggregate of 30,000 shares of Parent Company Stock, as follows:
(A) A non-qualified stock option to purchase 10,000 shares of Parent Company Stock, which will vest in full (or “cliff” vest) on April 30, 2020, subject to the Associate’s continuous service (as that term is defined in the Option Plan) as of the vesting date; and
(B) A non-qualified stock option to purchase 20,000 shares of Parent Company Stock, with vesting of such option subject to the attainment of certain performance conditions based on the Parent Company’s consolidated net income growth during fiscal years 2016 through 2020. If the Parent Company’s cumulative consolidated net income growth, calculated on a compound basis, for the five (5) fiscal years ending April 30, 2020 is equal to 10% or more, the stock option will “cliff” vest in its entirety (20,000 shares) on the date which marks the fifth (5th) anniversary of the stock option grant date (the “Vesting Date”). If the Parent Company’s cumulative consolidated net income growth, calculated on a compound basis, for the five (5) fiscal years ending April 30, 2020 is equal to 5% or more but less than 10%, the stock option will “cliff” vest as to 10,000 shares on the Vesting Date. If the Company’s cumulative consolidated net income growth, calculated on a compound basis, for the five (5) fiscal years ending April 30, 2020 is less than 5%, the stock option will be forfeited.
(ii) For purposes of this Section 4(c), “consolidated net income” for a given fiscal year shall mean “Net income” as reported in the Company’s consolidated statement of operations included in the Company’s Annual Report on Form 10-K for such fiscal year as filed with the Securities and Exchange Commission, except that if on the Vesting Date the Company has not yet filed its Annual Report on Form 10-K for the fiscal year ending April 30, 2020, “consolidated net income” for fiscal year 2020 shall be the Company’s “Net income” as reported in the Company’s public earnings press release for such fiscal year. All terms used in this Section 4(c) shall have the definitions set forth in this Agreement, the Option Plan or the applicable Stock Option Agreement, as the case may be.
(iii) The stock option grants under this Section 4(c) shall be made on August 5,...
Non-Qualified Stock Options. These Non-Qualified Stock Options for the number of shares of Common Stock indicated on the preceding page (the "Non-Qualified Stock Options") are granted to you under and are governed by the terms and conditions of the Plan and this Grant Agreement. Your execution and return of the enclosed copy of page one of this Grant Agreement acknowledging receipt of the Non-Qualified Stock Options granted herewith constitutes your agreement to and acceptance of all terms and conditions of the Plan and this Grant Agreement. You also agree that you have read and understand this Grant Agreement.
Non-Qualified Stock Options. The Options granted hereunder are not intended to be incentive stock options within the meaning of Section 422 of the Code.
Non-Qualified Stock Options. The Options represented hereby are --------------------------- non-qualified stock options and are not intended by the Corporation to qualify under any section of the Internal Revenue Code of 1986, as amended.
Non-Qualified Stock Options. Non-qualified stock options generally give rise to ordinary compensation income for the Optionee when the option is exercised. The Company may require the Optionee to make arrangements for the payment of withholding taxes by the Company if the Optionee is an employee of the Company at the time of the exercise of the Non-qualified stock option. Date of Grant: Earliest Exercise Date: Exercise Price: Number of Shares: Vesting Schedule: Expiration Date:
Non-Qualified Stock Options. Immediately following the execution of this Agreement, the Company shall grant to Executive non-qualified stock options to purchase up to 750,000 shares of the Company's common stock (the "Executive Options") at an exercise price equal to the closing price for the Company's common stock as quoted in the over-the-counter market on the date of this Agreement. The Executive Options shall be exercisable for a term of five (5) years and shall be subject to the vesting requirements set forth below. The Executive Options will be granted from an authorized option pool of 5,000,000 shares of the Company's common stock under The 2000 Stock Option and Stock Award Plan. At the Executive's request, during the term of this Agreement, the exercise price of the Executive Options may be reduced to the then current market price twice during the exercise period, provided the market price of the Company's common stock closes at a price at or below the exercise price of the Executive Options for three consecutive trading days prior to the repricing. Any such repricing shall take place effective as of the date the Company receives written notice from Executive requesting such repricing and the exercise price of all unexercised Executive Options shall be reset to the closing price for the Company's common stock in the over-the- counter market (or any successor market) on such effective date. The Company shall file such registration statements and take such additional actions as may be required to provide Executive with registered shares upon his exercise of the Executive Options. The registration rights with respect to the Executive Options shall relate to a registration statement on Form S-8 or may be "piggybacked" onto any other registration statement filed by the Company, but in no event shall such registration rights be deemed "demand" registration rights. Notwithstanding any provision to the contrary contained herein, the Company shall not be required to register the sale of the shares upon the exercise of the Executive Options if, the Company's outside legal counsel is of the opinion that registration would be in violation of the applicable securities laws relating thereto. Vesting of the Executive Options shall be as follows:
(i) 234,383 Executive Options shall vest on December 31, 2001;
(ii) 15,625 Executive Options shall vest upon the completion of each of the nine consecutive months commencing January 31, 2002 and continuing through and including September 30, 2002, fo...
Non-Qualified Stock Options. If the Stock Options have been designated on page 1 of the Award Agreement as Non-Qualified Stock Options, then no income is recognized by the Participant upon the grant of a Non-Qualified Stock Option. Upon exercise, the Participant will realize ordinary income in an amount equal to the excess of the Fair Market Value of a Share on the date of exercise over the Option Price multiplied by the number of Shares received pursuant to the exercise of such Stock Options. A subsequent sale or exchange of such Shares will result in gain or loss measured by the difference between (a) the exercise price, increased by any compensation reported upon the Participant’s exercise of the Stock Options and (b) the amount realized on such sale or exchange. Any gain or loss will be capital in nature if the Shares were held as a capital asset and will be long-term if such Shares were held for more than one year. The Company is entitled to a deduction for compensation paid to the Participant at the same time and in the same amount as the Participant realizes compensation upon exercise of the Stock Options.
Non-Qualified Stock Options. The Company and Grantee acknowledge the stock options granted hereunder shall be treated as nonqualified stock options for U.S. federal income tax purposes.
