Reload Option. In addition to the Option granted hereby (the "Underlying Option"), the Company will grant to the Optionee a reload option (the "Reload Option") if the Optionee acquires shares of Common Stock pursuant to the exercise of the Underlying Option and pays for such shares and/or the tax obligation incurred by reason of the exercise of the Underlying Option (the "withholding taxes") with shares of Common Stock already owned by, or otherwise issuable to, the Optionee (the "Tendered Shares"). The Reload Option grants to the Optionee the right to purchase shares of Common Stock equal in number to the number of Tendered Shares. The date on which the Tendered Shares are tendered to, or withheld by, the Company in full or partial payment of the purchase price and withholding taxes for the shares of Common Stock acquired pursuant to the exercise of the Underlying Option is the Reload Grant Date. The exercise price of the Reload Option is the fair market value of the Tendered Shares on the Reload Grant Date. The fair market value of the Tendered Shares shall be the closing bid price per share of the Company's Common Stock on the Reload Grant Date. The Reload Option shall be fully exercisable as of the Reload Grant Date. The Reload Option shall expire on September 9, 2007. Except as provided herein, the Reload Option is subject to all of the other terms and provisions of this Agreement governing the Option.
Appears in 2 contracts
Samples: Nonqualified Stock Option Agreement (Excal Enterprises Inc), Nonqualified Stock Option Agreement (Excal Enterprises Inc)
Reload Option. In addition to the Option granted hereby (the "Underlying Option"), the Company will grant to the Optionee a reload option (the "Reload Option") if the Optionee acquires shares of Common Stock pursuant to the exercise of the Underlying Option and pays for such shares and/or the tax obligation incurred by reason of the exercise of the Underlying Option (the "withholding taxes") with shares of Common Stock already owned by, or otherwise issuable to, the Optionee (the "Tendered Shares"). The Reload Option grants to the Optionee the right to purchase shares of Common Stock equal in number to the number of Tendered Shares. The date on which the Tendered Shares are tendered to, or withheld by, the Company in full or partial payment of the purchase price and withholding taxes for the shares of Common Stock acquired pursuant to the exercise of the Underlying Option is the Reload Grant Date. The exercise price of the Reload Option is the fair market value of the Tendered Shares on the Reload Grant Date. The fair market value of the Tendered Shares shall be the closing bid price per share of the Company's Common Stock on the Reload Grant Date. The Reload Option shall be fully exercisable as of the Reload Grant Date. The Reload Option shall expire on September June 9, 2007. Except as provided herein, the Reload Option is subject to all of the other terms and provisions of this Agreement governing the Option.,
Appears in 2 contracts
Samples: Nonqualified Stock Option Agreement (Excal Enterprises Inc), Nonqualified Stock Option Agreement (Excal Enterprises Inc)
Reload Option. In addition to the Option Warrant granted hereby (the "Underlying OptionWarrant"), the Company will grant to the Optionee Holder a reload option (the "Reload Option") if the Optionee Holder acquires shares of Common Stock pursuant to the exercise of the Underlying Option Warrant and pays for such shares and/or the tax obligation incurred by reason of the exercise of the Underlying Option Warrant (the "withholding taxes") with shares of Common Stock already owned by, or otherwise issuable to, the Optionee Holder (the "Tendered Shares"). The Reload Option grants to the Optionee Holder the right to purchase shares of Common Stock equal in number to the number of Tendered Shares. The date on which the Tendered Shares are tendered to, or withheld by, the Company in full or partial payment of the purchase price and withholding taxes for the shares of Common Stock acquired pursuant to the exercise of the Underlying Option Warrant is the Reload Grant Date. The exercise price of the Reload Option is the fair market value of the Tendered Shares on the Reload Grant Date. The fair market value of the Tendered Shares shall be the closing bid price per share of the Company's Common Stock on the Reload Grant Date. The Reload Option shall be fully exercisable as of the Reload Grant Date. The Reload Option shall expire on September 9November 30, 20071999. Except as provided herein, the Reload Option is subject to all of the other terms and provisions of this Agreement governing the OptionWarrant.
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