Executive Option definition
Examples of Executive Option in a sentence
The right of Executive to retain the vested portion of his rights under the Executive Option shall be governed by the Stock Option Agreement entered into by and between the Company and Executive.
Executive shall from time to time be invited to participate in the Centro Employee Security Plan, the Centro Executive Option Plan or other stock or option related plans that may be developed in the future.
Executive Option Purchase Program, up to an aggregate of $1,000,000 for the purpose of (i) exercising options to purchase the Company's stock, and (ii) payment of any taxes payable by Executive arising from the exercise of such options.
Notwithstanding the foregoing, if such financing does not occur upon the earlier of the end of the Term or the Termination Date, the Company shall have no obligation to grant the Executive Option.
The right of Executive to retain the vested portion of his rights under the Executive Option shall be governed by the Stock Option Agreement entered into by and between the Company and Executive and shall not be affected by the provisions of this Section 5.
The Executive Option may be exercised, from time to time, with respect to all or any part of the then vested shares in accordance with the following vesting schedule: 25,000 shares shall vest immediately; 37,500 shares shall vest over four years on each anniversary date following the Effective Date; provided, however, all shares subject to the Executive Option shall immediately vest upon the consummation of a Change of Control.
The Executive Option shall be granted pursuant to an option agreement, in substantially the form attached hereto as Exhibit B (the "Stock Option Agreement").
If the Company shall have closed a financing or financings (including, without limitation, a public offering), in which the Company shall have received proceeds of at least $3,000,000 in the aggregate, within 10 business days thereafter the Company shall grant to Executive an option to purchase 250,000 shares of Common Stock at an exercise price of $2.00 per share (the "Executive Option").
If Executive's employment is terminated by the Company with Cause or by Executive without Good Reason, the unexercised portion of the Executive Option shall automatically lapse on the Termination Date and not be exercisable whether or not such options were vested.
The Executive Option may be exercised, from time to time, with respect to all or any part of the then vested shares in accordance with the following vesting schedule: 15,000 shares shall vest immediately; 33,750 shares shall vest over four years on each anniversary date following the Effective Date; provided, however, all shares subject to the Executive Option shall immediately vest upon the consummation of a Change of Control..