Stock Bonus. For each fiscal year of Company in which the net profits of Company exceed Two Hundred Fifty Thousand ($250,000) Dollars or the net profits of Company for that fiscal year exceed the net profits of Company for the previous fiscal year by Fifteen (15%) percent, whichever is less the Company agrees to transfer to Executive each year during the term of Executive Employment, within one (1) month after the close of each fiscal year during all of which the Executive served as Vice President of the Company, the number of shares of Company's stock equal in value to Seventy-Five Thousand ($75,000) Dollars. For the purpose of determining the number of shares to be transferred to Executive, the shares shall be valued, as of the close of each fiscal year, under one of the following formulas:
Stock Bonus. Xxxxx X. Xxxxxxx Xx. shall receive a stock bonus, if any, within the sole discretion of the Board of Directors of the Company. Such stock bonus shall be implemented within a reasonable period of time after the Board of Directors in its discretion awards such stock bonus.
Stock Bonus. If the Company achieves the Pro-forma Goals on or before the first anniversary of the Effective Date, the Company shall cause its parent company, Ocean Ventures Inc. ("OCV"), to issue to the Executive One Hundred Twelve Thousand Five Hundred (112,500) common shares in the capital of OCV (the "Bonus Shares"). The right to receive the Bonus Shares shall vest on the one-year anniversary of the Effective Date only if (a) the Executive is then still employed by the Company, and (b) the Company has then achieved the Pro-forma Goals. The Bonus Shares will be subject to such restrictions on resale as are required by law and the certificates evidencing them will bear the following legend: NONE OF THE SECURITIES REPRESENTED HEREBY HAVE BEEN REGISTERED UNDER THE UNITED STATES SECURITIES ACT OF 1933 ACT (THE "1933 ACT"), OR ANY U.S. STATE SECURITIES LAWS, AND, UNLESS SO REGISTERED, MAY NOT BE OFFERED OR SOLD, DIRECTLY OR INDIRECTLY, IN THE UNITED STATES OR TO U.S. PERSONS EXCEPT PURSUANT TO AN EFFECTIVE REGISTRATION STATEMENT UNDER THE 1933 ACT, OR PURSUANT TO AN AVAILABLE EXEMPTION FROM, OR IN A TRANSACTION NOT SUBJECT TO, THE REGISTRATION REQUIREMENTS OF THE 1933 ACT AND IN EACH CASE ONLY IN ACCORDANCE WITH APPLICABLE STATE SECURITIES LAWS. IN ADDITION, HEDGING TRANSACTIONS INVOLVING THE SECURITIES MAY NOT BE CONDUCTED UNLESS IN COMPLIANCE WITH THE 1933 ACT.
Stock Bonus. Executive will be entitled to seven million (7,000,000) shares of the Company's Common Stock at his completion of the first (12) twelve months of service under this contract. These shares will be issued at the first opportunity after Executive has completed twelve (12) months of service as President when there are sufficient authorized shares to do so. These shares shall vest to the Executive at a rate of one twelfth per month starting as of July 1, 2000.
Stock Bonus. Executive will participate in a stock option plan consistent with other C-level officers, once adopted by the Company, provided that Executive was employed by the Company as of the last day of the applicable calendar year. All rights to the issuance of shares under this Section 3.04 shall be determined by the Company’s Auditors and subject to the approval of the Company’s Board of Directors. (a) Executive shall be eligible to receive shares of the Company’s common stock (“Company Shares”) upon satisfaction of any of following milestones: (i) 90,000 Company Shares for each stock or asset acquisition that the Company consummates during the term of Executive’s employment that increases the gross revenues of the Company by a minimum of $10,000,000, provided the Company’s market capitalization reaching $350,000,000 for a period of at least 5 consecutive trading days (“Market Cap Threshold”), or (ii) 450,000 Company Shares if an acquisition increases gross revenues of the Company by a minimum of $25,000,000, provided the Company satisfies the Market Cap Threshold. For the sake of clarity, the Market Cap Threshold may be satisfied before or after an acquisition milestone is satisfied under this Section 3.04 (a) (i) and (ii); (iii) in the alternative to Section 3.04 (i) and (ii), Executive shall be eligible to receive 450,000 Company Shares if the Company’s annualized revenue growth increases by a minimum of $50,000,000; (b) Executive shall be eligible to receive a 180,000 Company Shares if the Company reaches positive cash flow (EBIDTA); and (c) Executive shall be eligible to receive (i) 225,000 Company Shares if the market capitalization of the Company exceeds $500,000,000 for a period of at least 5 consecutive trading days; and (ii) an additional 450,000 Common Shares if the market capitalization of the Company exceeds $1,000,000,000 for a period of at least 5 consecutive trading days; and (iii) an additional 900,000 Company Shares if the market capitalization of the Company exceeds $1,500,000,000 for a period of at least 5 consecutive trading days; and (iv) an additional 135,000 Company Shares for each additional $100,000,000 increase in market capitalization over $1,500,000,000, provided that such increase is sustained for a period of at least 5 consecutive trading days. Executive rights under this section 3.04 (c) are cumulative.
Stock Bonus. In addition to the compensation payable to Employee pursuant to Sections 2.1 and 2.2, hereof, Employee shall be entitled to receive a bonus consisting of options for shares of the Class A Common Stock of the Company, with such shares representing up to 1.5 million option shares (such shares of voting stock being hereinafter referred to as the Bonus Stock), which Bonus Stock shall be delivered to Employee as follows:
Stock Bonus. In connection with the execution, delivery and performance of this agreement by the Executive, the Company shall on July 1, 2000 grant to the Executive stock in the Company representing one-half percent (1/2%) of the shares of the Company's common stock that are issued and outstanding as of the close of business on the date preceding the Commencement Date; determined on a fully diluted basis inclusive of shares reserved for issuance upon (a) the complete exercise of all then outstanding option, warrant or rights grants (inclusive of the shares to be made the subject of the Executive's option grants herein described) and employee stock incentive plans, (b) the conversion of then outstanding preferred shares or convertible debt instruments into shares of the Company's common stock, or (c) the consummation of any then-authorized stock split or stock dividend provided that if at the time of such intended issuance the Company constitutes a subsidiary of another corporation or its corporate existence has been terminated as a result of its merger into or consolidation with another corporation, then Executive shall receive certificate(s) representing an identical ownership interest in the ultimate parent of the Company or of the survivor of any such merger or consolidation, or, if no such parent shall then exist, then in the survivor of the merger or consolidation. The value of each such share as of the date of issuance or date of vesting, as applicable, shall be determined by the issuer's board of directors. The shares shall vest (i) as to 50% of the shares on July 1, 2000 and (ii) as to an additional 25% of the shares on each of July 1, 2001 and July 1, 2002, provided as to each such date that the Executive continues to be employed on a full time basis by the Company. The Executive shall receive from the Company one or more certificates, registered in his name, representing each installment of vested shares on the vesting date of such shares. In addition, the Company shall pay at the time of each such vesting a cash bonus to Executive equal to an amount such that after the payment by Executive of all federal, state and local income taxes, self-employment taxes, or other taxes (including any interest or penalties, arising from the actions or inactions of the Company, imposed with respect thereto) ("INCOME TAXES") imposed on the receipt of the stock being vested and on such bonus, Executive retains an amount of the bonus equal to the Income Taxes imposed on him by...
Stock Bonus. The Executive shall be eligible to receive an annual stock bonus of shares of restricted Common Stock (the “Bonus Stock”) based upon criteria determined by the Board of Directors in their sole discretion. The number of shares of Bonus Stock that the Executive shall be eligible to receive with respect to a calendar year shall be equal to the number obtained by dividing (a) the aggregate amount of Base Salary earned by the Executive during such year, by (b) the per share fair market value of one share of the Company’s Common Stock as of the date of issuance of the Bonus Stock, as determined in good faith by the Board of Directors. All Bonus Stock shall be issued as promptly as reasonably practicable after the end of each calendar year pursuant to, and shall be subject to the terms and restrictions of, the Company’s equity incentive plan and restricted stock agreements, in each case as approved by the Board of Directors. In order to be eligible to receive Bonus Stock with respect to any calendar year, the Executive must be employed by the Company as of December 31 of such year; provided, however, that if, prior to the date of actual issuance of any Bonus Stock with respect to a calendar year, the Executive’s employment with the Company is terminated for Cause (as defined below), then the Company shall not be obligated to issue such Bonus Stock to the Executive and all rights of the Executive to such Bonus Stock shall be thereby forfeited.
Stock Bonus. In consideration of achieving the objectives set forth in this paragraph, Catcher Holdings shall grant Executive up to two hundred fifty thousand (250,000) fully vested shares of Catcher Holdings’ Common Stock (the “Stock Bonus”) as follows: (i) sixty two thousand five hundred (62,500) shares of the Stock Bonus shall be granted upon the realization by Vivato Networks, Inc., Catcher Holdings’ wholly owned subsidiary (“Vivato”), of revenue in excess of $625,000 for the fiscal quarter ended December 31, 2007 and (ii) an additional one share of the Stock Bonus shall be granted upon the realization by Vivato of each $2.00 of revenue in excess of $625,000 for the fiscal quarter ended December 31, 2007 up to the full amount of the Stock Bonus upon the realization by Vivato of $1,000,000 of revenue for the fiscal quarter ended December 31, 2007. The Stock Bonus is subject to the terms of the Catcher Holdings, Inc. 2005 Stock Incentive Plan and related documents adopted by Catcher Holdings’ Board and is subject to compliance with all applicable federal and state securities laws (“Stock Bonus Documents”). Executive acknowledges that Catcher Holdings will not grant the Stock Bonus until such time as an S-8 Registration Statement covering such shares of the Stock Bonus has been filed with the Securities and Exchange Commission and is effective. Executive understands and acknowledges that Executive is solely responsible for payment of all taxes relating to the Stock Bonus and will not request any assistance from the Company in the payment of these taxes.
Stock Bonus. In the event that Dental Cooperative acquires the Dental Practice and Provider makes the election set forth in Section 8.3(c)(i), then Dental Cooperative will issue to Provider restricted stock of the Company with a Market Price on the date that title to the Dental Practice is transferred to Dental Cooperative equal to the eight percent (8%) of Collections during the one year period immediately prior to the transfer of the Dental Practice to Dental Cooperative or its nominees.
