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. 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. 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. 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: 5,000 options if 105% or more but less that 110% of the sales quota is attained in any quarter;
Stock Option Bonus. In the event that Company's net sales, without regard to any contribution or loss of an acquisition company, exceed Twenty-Five Million Dollars ($25,000,000) for each fiscal year that this Agreement is in effect (the "Sales Goal") and Company's earnings per share exceed One Dollar ($1.00) per share for each fiscal year that this Agreement is in effect (the "EPS Goal"), Company shall grant Employee Twenty- Five Thousand (25,000) stock options, pursuant to the Company's Incentive Stock Option Plan, at anytime mutually agreed to by Company and Employee.
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. 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:
(1) 5,000 options if 105% or more but less that 110% of the sales quota is attained in any quarter;
(2) 10,000 options if 110% or more, but less that 115% of the sales quota is attained in any quarter;
(3) 15,000 options if 115% or more, but less that 120% of the sales quota is attained in any quarter;
(4) 20,000 options if 120% or more, but less that 125% of the sales quota is attained in any quarter; or
(5) 25,000 options if 125% or more of the sales quota is attained in any quarter.
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.
(b) The actual grant and the specific terms of the grant will be set forth in a specific stock option agreement, which terms at a minimum, shall establish the vesting schedule for these options to be: forty percent (40%) at time of grant, and an additional twenty percent (20%) on each of the next three (3) annual anniversaries of the Effective Date.
(c) Executive acknowledges that this grant will be in lieu of all future annual option grants of shares of the Company to the Executive during the initial term of this Agreement.
