Stock Incentives. Executive shall be entitled to such vesting or other benefits as are provided by the award agreement pertaining thereto.
Stock Incentives. (a) Subject to approval of the Board or its Compensation Committee, the Company hereby grants to the Executive options to purchase in the aggregate 200,000 shares of the Company's common stock (the "Options"). The Options will be subject to the vesting requirements set forth in this Section 5. The exercise price of each of these Options shall be a sum equal to eighty-five percent (85%) of the average daily closing date of the Company's common stock on the so-called OTC Bulletin Board or other nationally recognized exchange for the first full week immediately preceding the date on which the Options vest pursuant to this Section 5 (the "Exercise Price"). The Options shall vest and become exercisable with respect to the first 8,334 shares subject thereto when the Executive completes one month of continuous service from November 5, 2001 and with respect to an additional 8,334 shares subject thereto when Executive completes each month of continuous service thereafter until all 200,000 shares have vested or until termination of employee's service.
(b) The Company will register the shares of the Company's common stock underlying the Options issued to Executive herein. The term "register" for the purposes of this Section 5(b) refers to a registration effected by preparing and filing a registration statement in compliance with the Securities Act of 1933, as amended, and the declaration or ordering of effectiveness of such registration statement.
(c) Notwithstanding any provision to the contrary contained herein, Executive acknowledges and agrees that by signing this Agreement he agrees not to sell any of the Company's Equity Securities (whether acquired pursuant to this agreement or otherwise) at a time when applicable laws, Company policies or an agreement between the Company and its underwriters prohibit such sale. Executive further acknowledges and agrees that this restriction will apply, to any position that he may now, or in the future hold with the Company, whether as an employee, consultant or director of the Company or any subsidiary of the Company. Company policies restricting such sale shall no longer apply upon termination of Executive's employment with the Company.
Stock Incentives. Not later than 30 days after the Termination Date, the Company shall pay the Executive a lump sum cash payment equal to the amount by which the fair market value (determined as of the Termination Date) of the number of shares of stock subject to any Stock Incentive granted to the Executive is in excess of the exercise price or other amount of payment required to be made by the Executive thereunder, but only to the extent that the Executive is not entitled to exercise his Stock Incentives after the Termination Date under the provisions of the Executive's Stock Incentive agreements.
Stock Incentives. The Company may (but shall be not be obligated to) issue you certain stock bonuses, stock options, stock appreciation rights, stock awards, phantom stock awards, or performance awards ("Awards") in conjunction herewith or otherwise from time to time. Based upon the performance review described in Section 3.2 (a) herein, or an award made in conjunction herewith, the Company may issue Employee stock options, the value of which, on a first time annual basis, shall be in an amount up to, but shall not exceed, One Hundred Thousand Dollars ($100,000.00) of the then current closing price of the Company's common stock on the date of the stock option issue. This stock option grant is intended to qualify as an incentive stock option within the meaning of Section 422 of the Internal Revenue Code of 1986, as amended. Any Awards shall be issued, and, to the extent applicable, vest and be exercised, pursuant to the terms and conditions of a separate agreement ("Grant Agreement") and in accordance with the provisions of any incentive plan adopted by the Company or, at the discretion of the Company, the 2007 XsunX, Inc. Stock Option Plan ("Plan"). You hereby agree to execute and deliver any such reasonable Grant Agreement. The terms "Award" and "Grant Agreement" shall be used herein as defined and used in the Plan.
Stock Incentives. Executive shall be eligible to receive restricted shares of the common stock of the Company under the Company’s 2006 Stock Incentive Plan (the “Incentive Plan”) subject to the terms and conditions of such plan and as granted by the Compensation Committee. If the Company terminates Executive’s employment for any reason other than Cause pursuant to Section 5(b), all restricted stock held by Executive shall immediately vest, subject to the terms and conditions of the Incentive Plan.
Stock Incentives. The Executive's rights with respect to Stock Incentives shall be as described in the applicable Company plan and the applicable separate agreements with the Executive, provided that in no event shall the payment of severance benefits hereunder be deemed to be an extension of Executive's employment for purposes of the vesting provisions of such plans and agreements.
Stock Incentives. (a) Parent shall not assume or otherwise replace any options to purchase Company Common Stock granted under the Company Stock Plans (each, a “Company Stock Option”) in connection with the Transactions. Upon the terms and subject to the conditions set forth in this Agreement, by virtue of the Merger and without any action on the part of Parent, Purchaser, the Company or the holders of Company Stock Options, each Company Stock Option outstanding as of immediately prior to the Effective Time will be canceled automatically at the Effective Time and will thereafter, in consideration for the cancellation, represent only the right to receive an amount of cash, if any, without interest, equal to the product of (1) the excess, if any, of (A) the Per Share Amount over (B) the exercise price per share of the Company Common Stock subject to such Company Stock Option (it being understood and agreed that such exercise price shall not actually be paid to the Company by the holder of a Company Stock Option, and further understood and agreed that with respect to each Company Stock Option for which the exercise price exceeds the Per Share Amount, such Company Stock Option shall be cancelled and extinguished without consideration) and (2) the number of shares of Company Common Stock that were issuable upon exercise of such Company Stock Option immediately prior to the Effective Time, regardless of the vested status of such Company Stock Option.
(b) All amounts payable pursuant to this Section 3.09 will be subject to any required withholding of Taxes and shall be paid by Parent (or, at Parent’s direction, by the Company) at or as soon as practicable following the Effective Time, but in no event later than five (5) Business Days following the Effective Time, without interest. To the extent that amounts are deducted or withheld for Taxes, such amounts shall be treated for all purposes under this Agreement as having been paid to the Person to whom such amounts would otherwise have been paid.
(c) Prior to the Effective Time, the Company Board (or, if appropriate, any committee administering the Company Stock Plans) shall take all action necessary to effect the cancellation and, in consideration for the cancellation, cash-out of Company Stock Options upon the Effective Time, including taking such actions, at the reasonable request of Parent, which are necessary or appropriate to effectuate the transactions contemplated by this Section 3.09. Any notices, consents or other communica...
Stock Incentives. On January 2, 2004 the Company will grant to the Employee 250,000 stock options to purchase 250,000 shares of the Company’s Common Stock pursuant to the Company’s 2004 Stock Option Plan for Directors, Officers, Employees, and Key Consultants of InterMetro Communications, Inc. (“Stock Option Plan”) having an exercise price of $0.05 per share and an exercise period of ten years after the date of grant, with a vesting schedule as follows: 20% upon grant and 1/16 of the balance each quarter thereafter until the remaining stock options have vested. The stock options granted to Employee pursuant to this Agreement will be governed by the terms and conditions of the Stock Option Plan and the stock option agreement executed by the Company which applies to the options. Upon recommendation of the Compensation Committee of the Company’s Board of Directors and approval of the Company’s full Board of Directors, the Employee may be granted additional stock options to purchase additional stock of the Company after the first year of the term of this Agreement.
Stock Incentives. The Executive shall be eligible to receive stock options under any stock based plan from time to time adopted by the Company (the "Stock Plans"), as from time to time determined by the Board of Directors or Stock Option Committee of the Company's Board of Directors.
Stock Incentives. The Associate shall participate in such stock incentive plans as the board of directors, the CEO, or the Chairman shall determine from time to time.
