Stock Option Bonus. The Company agrees that, from time to time during the Employment Term, the Employee may be eligible for additional stock option grants as determined, on an annual basis, by the Board and based upon the successful completion of annual goals and objectives as determined by the Board. All such grants shall vest in accordance with the Company’s standard form option grant agreement. The decision of the Board as to whether or not to award any stock options shall be final and binding on the parties.
Stock Option Bonus. In the years 2015 through 2018 Executive and all employed staff of EE with a constant service history of twelve months or more will qualify for options based on a qualified plan established and approved by the Board of Directors.
Stock Option Bonus. The Executive shall be entitled to receive an annual stock option bonus based on the Executive's performance during the applicable year. The amount of the stock option bonus in any year shall be determined by reference to the profitability of the Company and such other measures as the Board of Directors and the Executive may agree. The terms and conditions relating to the stock option bonus shall be negotiated in good faith. The annual stock option bonus shall have the same price and duration terms as the grant of Initial Stock Options as set forth above and such bonus stock options shall be governed by the terms of Section 4.2, in all respects. The minimum number of shares optioned each year shall be 50,000 shares.
Stock Option Bonus. Bermxx xxxll be entitled to an annual stock option bonus of a grant of up to 15,000 additional stock options, such bonus to be determined solely by the Company's Board of Directors.
Stock Option Bonus. As additional compensation hereunder, the Corporation shall issue to Employee options under its Stock Incentive Plan to purchase 50,000 shares of its Common Stock at the price of $.01 per share in accordance with the Stock Option Agreement annexed hereto. Such options shall not be exercisable unless and until Employee has completed three (3) months of employment hereunder without the Company exercising its right to terminate this Agreement under P. 6 hereof.
Stock Option Bonus. (a) On the Signing Date of this Agreement, the Executive shall be granted options to purchase five hundred thousand (500,000) shares of the Company's common stock. All options shall be Non-Qualified Stock Options with an exercise price equal to the closing stock price on the date of the grant.
Stock Option Bonus. The Company will grant to Employee a bonus in the form of non-qualified stock options for each quarter during fiscal years 2002 and 2003 and for each of the first three quarters of fiscal 2004 that the Company sales exceed the sales quota for such quarter. Each option vesting start dates will be the last day of the quarter in the which the condition giving rise to the option has occurred, and the options relating to any quarter will be granted at the meeting of Company’s Board of Directors next following the end of the quarter. The options will be in the following amounts under the following conditions:
Stock Option Bonus. In addition to salary, Employee shall be entitled to participate in the Company's Stock Option Plan (the "Stock Option Plan") and Employee shall be initially granted, as of the date of this Agreement (such grant subject to Employee's actually joining the Company as an employee), an option to purchase 339,000 post-March 1996 three-for-one split shares of common stock of the Company ("Common Stock") (such number to be subject to further adjustment as provided in the Stock Option Plan). The per share exercise price of the option shall be the fair market value of the Company's Common Stock as of the date of this Agreement (which is $10.67 per share), and the option shall vest in three equal annual installments over the three-year period beginning on the first anniversary of the Effective Date; upon a "Change of Control" (as defined below), the option shall become immediately fully vested and exercisable in full. The Employee shall be additionally granted, as of the Effective Date, long-term incentive compensation as described on the attached Schedule A, with vesting based on the achievement of Company performance objectives. The objectives for each year of such long-term incentive compensation plan, and other terms and conditions of the long-term incentive compensation plan, shall be established by the Board of Directors or a committee thereof. Further, Employee will be provided with an annual bonus opportunity representing 50% of Employee's annual salary as set forth in Paragraph 4.a above, (initially, $100,000.00) (hereafter the "Executive Bonus Plan"), the actual amount to be paid depending upon the degree of achievement of various objectives. The objectives for each year and other terms and conditions of the Executive Bonus Plan shall be established by the Board of Directors or a committee thereof and shall be reasonably consistent with the business plan of the Company for such year, or portion thereof, established in advance.
Stock Option Bonus. In addition to salary, Employee shall be entitled to participate in the Company's Stock Option Plan (the "Stock Option Plan") and Employee shall be initially granted, subject to the approval of the Company's shareholders of an amendment to the Stock Option Plan providing for, among other things, an increase in the share authorization thereunder, an option to purchase 1,000,000 shares of common stock of the Company (such number to be subject to adjustment as provided in section 5, paragraph 3, of the Stock Option Plan). The per share exercise price of the option shall be the fair market value of the Company's common stock as of the date of grant ($2.75), and the option shall vest in three equal annual installments over a three-year period. The Employee shall be additionally granted a long-term option to purchase up to 250,000 shares of common stock of the Company, at an exercise price equal to the fair market value of a share of common stock as of the date of grant ($2.75), and the option shall vest in its entirety on November 17, 2001. Further, Employee shall be provided with an annual bonus opportunity with an initial target bonus for Employee of $150,000, representing 60% of Employee's annual salary as set forth in Paragraph 4.a., above (hereafter the "Executive Bonus Plan"), the actual amount to be paid depending upon the degree of achievement of various objectives. Commencing January 1, 2000, Employee shall be provided with an annual bonus opportunity of 65% of Employee's annual salary as set forth in Paragraph 4.a above, the actual amount to be paid depending upon the degree of achievement of various objectives. The objectives for each year and other terms and conditions of the bonus opportunity shall be established by the Board of Directors or a committee thereof and shall be reasonably consistent with the business plan of the Company for such year, or portion thereof, established in advance. The target bonus opportunity may be increased to no more than an additional 100% for superior performance as defined and determined under the Executive Bonus Plan.
Stock Option Bonus. On each of June 30, 2001, 2002 and 2003, SML shall grant to the Executive stock options (the "Options") to purchase 34,000, 33,000 and 33,000 shares of SML common stock, respectively. The Options shall (i) be exercisable for a period of 7 years following the date of grant, (ii) be issued in accordance with the terms and conditions of the Company's stock plan, (iii) vest quarterly over a one (1) year period commencing on the date of grant and (iv) have an exercise price equal to the closing bid price of SML's shares of common stock on the date of grant as reported by The Nasdaq Stock Market (or other principal exchange on which the SML shares of common stock are traded). The Company shall use its best efforts to issue the Options as incentive stock options.
