Stock Performance Options. Employee shall have the option to purchase stock of Employer at $7.50 per share as follows: up to 12,500 shares if the public trading price close at a minimum of $15 per share for five consecutive days; up to an additional 12,500 shares should the public trading price close at a minimum of $20 per share for five consecutive days; and up to an additional 15,000 shares if the public trading price should close at a minimum of $25 for five consecutive days.
Stock Performance Options. Employee shall have the option to purchase additional shares of the Employer's common stock upon the happening of the following: if the public trading price closes at a minimum of $2.00 per share for five (5) consecutive days, Employee shall have the option to purchase 150,000 shares at $1.00 per share; if the public trading price closes at a minimum of $4.00 per share for five (5) consecutive days, Employee shall have the option to purchase an additional 150,000 shares at $2.00 per share; if the public trading price closes at a minimum of $6.00 per share for five (5) consecutive days, Employee shall have the option to purchase an additional 200,000 shares at $3.00 per share. These options are cumulative and fully vested upon execution of this Agreement. These options must be executed prior to the expiration of this Agreement by written notice to the President of the Employer.
Stock Performance Options. (i) As additional compensation to Xxxxxxx for services to be rendered under this Agreement during the Employment Period, Signalife shall grant or cause to be granted to Xxxxxxx (upon satisfaction of the following performance requirements) common share purchase options (“Stock Performance Options”) equal to fifty thousand (50,000) shares at an exercise price of sixty cents ($0.60) per share for every thirty cents ($0.30) of incremental common stock price appreciation over a baseline of sixty cents ($0.60) per share with respect to Signalife’s common stock as reported on the principal stock exchange or market on which Signalife’s common shares trade. For purposes of determining whether the foregoing thirty cents ($0.30) of incremental common stock price appreciation has occurred (each, an “incremental reference point”), the average closing price for Signalife’s common stock on the principal exchange or market must exceed the aforesaid thirty cents ($0.30) incremental reference point for a two (2) week period. Under no circumstances shall Xxxxxxx receive Stock Performance Options entitling him to purchase more than one million (1,000,000) shares (subject to adjustment for a Recapitalization), such amount constituting a “cap” to the grant of Stock Performance Options.
(ii) By way of example, assume that Signalife’s average closing price for its common stock as reported on the principal stock exchange or market on which Signalife’s common shares trade increases from sixty-five cents ($0.65) to one dollar and twenty-five cents ($1.25) over a two (2) week period. In that event, Xxxxxxx would be granted one set of options (the “First Incremental Option Grant”) to purchase fifty thousand (50,000) shares at an exercise price of sixty cents ($0.60) per share in connection with attaining the ninety cent ($0.90) incremental reference point (i.e., an average closing price of ninety cent ($0.90) for sixty (60) days), and a second set of options (the “Second Incremental Option Grant”) to purchase an additional fifty thousand (50,000) shares at an exercise price of sixty cents ($0.60) per share in connection with attaining the one dollar twenty cent ($1.20) incremental reference point (i.e., an average closing price of one dollar twenty cent ($1.20) for sixty (60) days).
(iii) It should be noted that once an option grant is made in connection with any particular incremental reference point (such as the one dollar twenty cent ($1.20) incremental reference point in connectio...
