Options to Acquire Team Stock Sample Clauses

Options to Acquire Team Stock. Senior Management will recommend to the Team Board of Directors (“Board”) that effective as of the date of the closing (“Closing”) of the purchase by Team-Cooperheat-MQS, Inc., of the assets of Xxxxxx heat- MQS, Inc., that you be granted an option (“Option”) pursuant to Team’s 2004 Restricted Stock Option Plan (the “Option Plan”) to purchase 20,000 shares of Team common stock. The exercise price for the option will be the closing price of Team’s common stock as of the date of the Closing. The Option will be subject to the approval of the Board on or before the date of the Closing and the approval of the Option Plan by the Team Shareholders at the 2004 Team annual shareholders’ meeting next month. We are confident that both approvals will be forthcoming. The Option shall have a ten year term but will automatically sooner terminate (i) on the first annual anniversary date of your death or (ii) on the second annual anniversary date of the date that you are no longer either a director of Team or a consultant pursuant to the provisions of this consulting agreement or (iii) in the event that you breach any of your covenants to Team in any agreement with Team including, without limitation the Stock Purchase Agreement dated April 1, 2004 between Team and the former Shareholders of Thermal Solutions, Inc., and others. The Option will be evidenced by a separate Option Agreement that will be dated as of the date of the Closing. The Option will become twenty five percent (25%) vested as of each of the four annual anniversary dates of the Closing. That is to say, the Option may be exercised with respect to 5,000 shares as of the first annual anniversary date of the Closing and for an additional 5,000 shares on each of the three subsequent annual anniversary dates of the Closing subject to the early termination provisions referred to above. The Option will be nontransferable except in the event of your death.