Stock Options and Awards. Should senior management of the Company receive grants of Company stock options or awards during the Term, Employee shall participate at such time in all such grants or awards and shall receive grants or awards (subject to compliance with applicable laws) which have the same terms as generally afforded to senior management and which equals at least the average amount received by such senior management at such time. Notwithstanding the foregoing, stock grants made in consideration of entering into an employment agreement or relationship with the Company or stock option grants that are not included within a stock option plan or program approved by the shareholders of the Company shall not be included in any calculation of the foregoing.
Stock Options and Awards. Employee shall be granted qualified stock options under Employer's Stock Option Plan to purchase a total of 50,000 shares of Employer's Common Stock at a price equal to $14.875 per share at any time or from time to time within five years of the date of grant, such options to vest 60% on the date of grant, 20% on the first anniversary of the grant, and 20% on the second anniversary of the grant.
Stock Options and Awards. As of the date of execution of this Agreement, and subject to approval of Employer's stockholders at its 2005 Annual Meeting of Stockholders, Employee shall be granted five-year non-qualified stock options under Employer's Stock Option Plan to purchase a total of 2,000,000 shares of Employer's Common Stock at a price equal to the closing price of such shares on the date of grant, such options to vest one-third on the first anniversary of the grant, one-third on the second anniversary of the grant, and one-third on the third anniversary of the grant.
Stock Options and Awards. As of the date of execution of this Agreement, and subject to approval, Employee shall be granted five-year non-qualified stock options under Employer’s Stock Option Plan to purchase a total of 500.000 shares of Employer’s Common Stock at a price of $0.35 (thirty five cents)
Stock Options and Awards. Under its 1989 Stock Incentive Plan and a predecessor plan, the Company has granted non-qualified stock options and, prior to fiscal 1993, tandem stock appreciation rights (SARs) to officers and other key employees. The exercise price for all stock options, and the base price upon which the SARs are measured, is the fair market value of the Common Stock on the date of grant. Awards exercised as SARs are payable in a combination of cash and Common Stock. The Company recognized compensation expense (included in salary and related costs) related to SARs in fiscal 1998, 1997 and 1996 of $8 million, $3 million and $14 million, respectively. Stock options are generally exercisable beginning one year, and ending ten years, after their grant date. On October 24, 1996, the Company's shareowners approved two plans providing for the issuance of non-qualified stock options to substantially all of Delta's non-officer personnel to purchase a total of 24.7 million shares of Common Stock. One plan is for eligible Delta personnel who are not pilots (Nonpilot Plan); the other plan covers the Company's eligible pilots (Pilot Plan). The Nonpilot and Pilot Plans involve non-qualified stock options to purchase 14.7 million and 10 million shares of Common Stock, respectively. The plans provide for grants in three annual installments at an exercise price equal to the opening price of the Common Stock on the New York Stock Exchange on the grant date. Stock options awarded under these plans are generally exercisable beginning one year and ending ten years after their grant dates, and are not transferable other than upon the death of the person granted the stock options. On October 30, 1997 and 1996, Delta granted eligible personnel non-qualified stock options to purchase 8.3 million and 8.2 million shares of Common Stock, respectively, at exercise prices of $98 per share and $69 per share, respectively. The third grant date under the Nonpilot and Pilot Plans is scheduled to occur on October 30, 1998. Transactions involving stock options and SARs during fiscal 1998, 1997 and 1996 were as follows: Fiscal 1998 Fiscal 1997 Fiscal 1996 --------------------------------------------------------------------------------------------------------------------------- Weighted Weighted Weighted Average Average Average Exercise Exercise Exercise Stock Options Shares Price Shares Price Shares Price ------------------------------------------------------------------------------------------------------...
Stock Options and Awards. Employee shall be granted stock options under Employer’s Stock Option Plan to purchase a total of 500,000 shares of Employer’s common stock at any time or from time to time from the date of vesting until 10 years of the date of grant at a price equal to the closing price of Employer’s common stock on the American Stock Exchange on the date of the execution of this Agreement. The stock options will vest 20% on each of the first five anniversaries of the date of grant, provided that no such options shall vest after any termination of employment and vested options shall be exercisable for 60 days after any termination of employment. On an annual basis, the Compensation Committee of the Board of Directors will consider, or recommend that the full board consider, the grant of additional options to Employee.
Stock Options and Awards. (a) As an incentive to enter into this Agreement, the Company, immediately upon the Start Date of this Agreement, shall deliver to Executive a Stock Option Agreement pursuant to its 2000 Stock Option Incentive Plan ("Stock Option Plan"), granting to Executive ten (10) year options for 97,000 shares of Common Stock of the Company at fair market value as of the Start Date. The option is subject in all respects to the terms and conditions of the Stock Option Plan and the Stock Option Agreement. When the Executive becomes the Chief Executive Officer of the Company, the Company shall deliver to Executive a Stock Option Agreement pursuant to its Stock Option Plan granting to Executive ten (10) year options for 30,000 shares of the Common Stock of the Company at fair market value as of the date of grant, subject to the commitment to the Stock Option Plan by the Company of sufficient additional shares necessary to fund said grant. To the extent any benefit that the Executive is to receive under the Company's Stock Option Plan, Stock Option Agreement, or other agreement is in conflict with this Agreement, the provisions of this Agreement (provided that they are more favorable to the Executive) shall control.
(b) As a further incentive to enter into this Agreement, immediately upon the later of (i) the Start Date of this Agreement and (ii) the adoption of a new incentive compensation plan by the Company which, as of the date hereof, is expected to occur no later than the Start Date of this Agreement, the Company shall grant to the Executive an award of Common Stock of the Company in such number of whole shares as will aggregate the amount of $115,000 priced as set forth in the next sentence with any fractional shares paid in cash. Shares shall be issued at fair market value as of the date of grant and shall become vested over a three (3) year period with 33 1/3% of such stock vesting on the first anniversary date of the Start Date, 33 1/3% of such stock vesting on the second anniversary date of the Start Date, and 33 1/3% of such stock vesting on the third anniversary of the Start Date such that 100% of such stock has vested as of such third anniversary date. Executive shall have no rights as a stockholder with respect to any share of Common Stock to be issued with respect to this grant until the date of vesting.
(c) The Company hereby agrees that it shall cause to be filed with the Securities and Exchange Commission a registration statement on Form S-8 (or equivale...
Stock Options and Awards. At or immediately prior to the Effective Time, each option or award (a “Company Stock Award”) to purchase shares of Company Stock granted under the 1997 Employee Stock Purchase Plan (the “Employee Stock Purchase Plan”), the 1990 Directors’ Stock Option Plan, the 1994 Long-Term Incentive Plan, the 1997 Long-Term Incentive Plan and the Acquisition Stock Option Plan (each, a “Company Equity Incentive Plan”), whether or not then vested or exercisable, shall be canceled, and Parent shall, or shall cause the Surviving Corporation to, pay each holder of any such option or award at or promptly after the Effective Time for each such option or award an amount in cash determined by multiplying (i) the excess, if any, of the Merger Consideration per share of Company Stock over the applicable exercise price of such option or award by (ii) the number of shares of Company Stock such holder could have purchased (assuming full vesting of such option or award) had such holder exercised such option or award in full immediately prior to the Effective Time. Prior to the Effective Time, the Company shall use its reasonable best efforts to take all actions necessary under each such Company Equity Incentive Plan and any agreement relating to each such Company Stock Award to effect the foregoing treatment of such option or award. For the purposes of the Employee Stock Purchase Plan, the offering period in effect at the Effective Time shall terminate as of the Effective Time, each participant shall be deemed to have options equal to the amount such participant is entitled to based on such participant’s accumulated payroll deductions as of the Effective Time, and such options shall be cashed out pursuant to this Section 2.05.
Stock Options and Awards. For purposes of those certain outstanding options to purchase shares of the Company’s common stock and awards of restricted stock granted to Director, in accordance with the terms of the plans governing such options, Director’s service as a Director Emeritus shall be considered continuing service with the Company, and all such options and awards shall continue to vest and all such options shall become and remain exercisable in accordance with their terms and the terms of this Agreement. Notwithstanding anything to the contrary, in accordance with the terms of the plans and grant agreements governing the options, upon Director’s death, all unvested stock options shall become immediately exercisable, and remain exercisable by Director’s estate for a period of one (1) year and all unvested stock awards shall vest.
Stock Options and Awards. Employee shall receive a stock award grant as of the date of this Agreement in the amount of 750 shares, and a stock option as of the date of this Agreement in the amount of 350 shares, of Company's Common Stock under the Company's 1994 Long-Term Equity Incentive Plan, as amended (the "Plan"), which grant and option collectively represent approximately 1.2% of the Company's stock on an as converted, fully-diluted costs as of the date hereof (recognizing that such percentage will vary over time). Such grant and option shall be set forth in a separate agreement to be entered into between Employee and the Company. In the event of termination by Company of Employee without cause pursuant to Section 3.5, Employee, in addition to any stock grants and options vested to him at the date of termination, shall have the vesting schedule for his stock grants and options accelerated so as to vest as of the termination date the stock grants and options scheduled to vest over the next four quarters after the termination date. Exercise of the options shall be in accordance with the Plan. Such stock award grant and options shall vest in quarterly increments over a period of four years from the date of this Agreement. The exercise price for the stock options, and the agreed value of each stock award grant, shall be $280 per share. Employee shall be responsible for any personal income tax incurred as a result of such award. Employee shall be eligible for any such further awards as the Board of Directors in their sole discretion may make.
