Option Compensation. Executive shall receive a grant of 2,750,000 non-statutory stock options, at an exercise equal to the volume weighted average price of the Company’s common stock on the Effective Date, pursuant to the terms and subject to the conditions of a Stock Option Agreement of even date herewith between Executive and Company.
Option Compensation. Upon the date of this Agreement, Executive shall receive a grant of options (“Options”) to purchase 4,545,042 shares of the $0.001 par value common stock (“Common Stock”) of the Company. The strike price of the Options shall be $0.38 per share, representing the fair market value of one share of Common Stock as of the date of this Agreement. The Options shall be granted pursuant to the terms and subject to the conditions of a Stock Option Agreement of even date herewith between Executive and Company. Upon, and subject to, the completion of the IPO, Executive shall be granted additional stock options (“Gross Up Options”), which together with the Options, will represent six and three tenths percent (6.3%) of the outstanding shares of Common Stock on a fully-diluted basis after giving effect to the IPO. The strike price of the Gross Up Options shall be the public offering price in the IPO and the Gross Up Options shall be granted pursuant to the terms and subject to the conditions of a similar Stock Option Agreement.
Option Compensation. On the Effective Date, Executive will be granted an option exercisable for 150,000 shares of the Company’s common stock at a strike price equal to the greater of (i) $10 per share or (ii) the closing price of the Company’s common stock on the Effective Date. The option shall be fully exercisable at grant, shall terminate on the earlier of the ten (10) year anniversary of the Effective Date or the 90th day after Executive’s termination of employment for any reason, other than for death or disability, in which case the grant shall terminate on the 366th day after death or disability, and shall be subject to terms and conditions similar to those set out in the Company’s 2007 Equity Compensation Plan and related stock option grant, although the option shall not be issued pursuant to the Company’s 2007 Equity Compensation Plan. Any shares acquired upon exercise of the option shall be subject to the restrictions set forth in Section 4.3(c). In the event that the closing stock price is greater than $10 per share on the Effective Date, the Company shall pay Executive, within 10 business days following the Effective Date, an amount in cash equal to: (the closing price of the common stock on the Effective Date minus $10) multiplied by 150,000. In lieu of this additional cash payment, at the Company’s option, the Company may issue to Executive a number of shares of common stock equal in value, based on the closing price of the stock on the Effective Date, to this amount. Such shares shall be subject to the restrictions set forth in Section 4.3(c).
Option Compensation. Executive will be granted options exercisable for 60,000 shares of the Company’s common stock exercisable at a strike price equal to the closing bid price of the Company’s common stock on the date hereof. These options will become exercisable in installments as follows: options exercisable for 15,000 shares will vest on the date hereof, and options exercisable for 15,000 shares will vest on each of the next three annual anniversaries of this Agreement. Except as otherwise set forth in the 2007 Equity Compensation Plan and related option grant, the stock options will terminate on the eight year anniversary of the date of grant. The options will also be subject to the terms and conditions of the Company’s 2007 Equity Compensation Plan and related stock option grant.
Option Compensation. Employee shall be entitled to earn stock option compensation equal to a total of one and three quarter percent of the Company’s issued and outstanding common stock, par value $.001, (“Common Stock”) based upon the Company’s issued and outstanding Common Stock as of the July 13, 2012. All options granted as part of the Option Compensation shall (i) have a three year term from the date of issuance, subject to a two year extension of each such term in the event Employee serves the full Term of this Agreement, (ii) have an exercise price based upon a $15 million valuation of the Company; and (iii) vest in accordance with the following schedule (the “Option Compensation”): Immediate vesting: 0.25% Completion of Year 1 of Term: 0.5% Completion of Year 2 of Term: 0.5% Completion of Year 3 of Term: 0.5%
Option Compensation. Subject to the approval of the Compensation Committee of the Board of Directors, you will be granted 60,000 options to purchase common stock of NEON commensurate with your position with NEON and pursuant to the terms and conditions of the NEON Systems, Inc. Employee Stock Option Plan. These shares will vest over a four (4) year period of continuous employment with NEON on the following basis: one-quarter (1/4) of the total shares shall vest on the first anniversary of your date of employment, with one-sixteenth (1/16) of the total shares vesting each quarter thereafter for 12 additional quarters of continuous employment.
Option Compensation. 3.1 In consideration of the sum of Dollars ($ ) (the “Option Compensation”) paid by Company to Grantor in accordance with the provisions of this Section 3.1 and Section 3.2, Grantor hereby grants to Company the sole, exclusive and irrevocable option to purchase the Lands for the Purchase Compensation (as defined in Section 5.2) upon and subject to all of the terms and conditions set forth in this Agreement (the “Option”). Subject to the provisions of Section 3.2, Company shall pay the Option Compensation (or the initial portion thereof, as applicable) to Grantor within sixty (60) days of the date of this Agreement. However, neither the signing of this Agreement nor the payment of the Option Compensation or, if applicable, the Option Extension Compensation (as defined in Section 4.2), nor the registration of the Option Registration (as defined in Section 6.1) shall bind Company to exercise the Option hereby granted.
3.2 In accordance with the Act, Grantor has the option of requiring the Option Compensation to be made by one lump sum payment or by annual or periodic payments of equal or different amounts over a period of time. Grantor has selected the method of payment of the Option Compensation as indicated below in this Section 3.2. The Option Compensation shall be paid by Company to Grantor by: [delete (a) or (b)]
(a) payment by Company to Grantor within sixty (60) days of the date of this Agreement of the lump sum of Dollars ($ ) by Company's cheque or by solicitors’ trust cheque (the sufficiency of which is hereby acknowledged by Xxxxxxx); or Initial Grantor Agent
(b) payment by Company to Grantor of the annual or periodic payments of equal or different amounts set forth in Schedule C attached hereto (the sufficiency of which is hereby acknowledged by Grantor).
3.3 Where Grantor has selected to be paid the Option Compensation by way of annual or periodic payments of equal or different amounts as set forth in Schedule C attached hereto:
(a) in accordance with the Act, the amount of the Option Compensation payable in respect of which annual or other periodic payments have been selected shall, if the period during which such payments are to be made exceeds five (5) years, be reviewed every five (5) years. If the period of time during which such payments are to be made does not exceed five (5) years then no such review is required; and
(b) payments shall be made to Grantor or, provided proper notice of entitlement has been provided to Company, to the heirs,...
Option Compensation. Employee shall be entitled to earn stock option compensation equal to a total of one and three quarter percent of the Company’s issued and outstanding common stock, par value $.001, (“Common Stock”) based upon the Company’s stock option plan. All options granted as part of the Option Compensation shall (i) have a seven year term from the date of issuance, and (ii) vest in accordance with the following schedule (the “Option Compensation”): Such Option Compensation shall vest immediately upon a change of control of the Company. In the event Employee’s employment by the Company hereunder is terminated, Employee shall forfeit the right to any unvested Option Compensation. It is understood and agreed by the Parties, that the transaction contemplated by the Agreement and Plan of Merger by and between the Company and True Drinks Inc.. For the purposes of this Agreement, a “change in control” shall mean the acquisition by any individual, entity, or group of beneficial ownership of 50% or more of the combined voting power of the then outstanding voting securities of the Company, or any parent of the Company pursuant to the Merger Agreement, entitled to vote generally in the election of directors pursuant to a single transaction or a series of related transactions.
Option Compensation. As payment for the services to be rendered by the Employee as provided in Section 1 and subject to the provisions of this Agreement, the Company shall issue to Employee options to purchase up to 7,200 shares of Company common stock pursuant to the terms of the Company’s 2013 Stock Option Plan and the Plan award documents. The material terms of the options shall be as follows: (i) $8.00 exercise price; (ii) vesting 50% on grant/50% monthly for 24 months; and (iii) rights of cashless exercise. The number of options and exercise price shall be adjusted upon the effective date of the Company’s planned 416.7 to one forward stock split such that the number of options shall be 5,000,000 and the exercise price shall be $.0191984.
Option Compensation. On the Effective Date, Executive will be granted an option exercisable for 50,000 shares of the Company’s common stock at a strike price of $5.99. The option shall vest as follows: one-fourth shall vest at the Effective Time with one-fourth vesting each year thereafter until fully vested. The options shall terminate on the earlier of the ten (10) year anniversary of the Effective Date or the 90th day after Executive’s termination of employment for any reason, other than for death or disability, in which case the grant shall terminate on the 366th day after death or disability, and shall be subject to terms and conditions set out in the Company’s 2007 Equity Compensation Plan and related stock option grant.
