New Stock Options. The Company shall Grant to Executive 50,000 new Stock Options ("New Options") under The 1997 Rayovac Incentive Plan ("1997 Plan"). The grant date of such New Options shall be the Effective Date and such New Options shall have an exercise price equal to the opening price on the New York Stock Exchange as of such date. Fifty Percent (50%) of New Options shall be Time-Vesting Options and Fifty Percent (50%) shall be Performance-Vesting Options. Time-Vesting Options shall vest 1/3 October 1, 2003, 1/3 October 1, 2004 and 1/3 October 1, 2005. Subject to the Company meeting performance goals established by the Board, the Performance-Vesting Options shall vest 1/3 October 1, 2003, 1/3 October 1, 2004 and 1/3 October 1, 2005. The terms and conditions of such New Options shall be substantially similar to the terms and conditions of previous option grants.
New Stock Options. As further compensation, and in addition to the stock options that have been issued to the Executive prior to the Execution Date (which are not affected by this Agreement and remain outstanding, vested, and exercisable in accordance with their terms), the Company is granting to the Executive, for service on and after the Approval Date, new options to purchase additional shares of common stock of the Company (the "New Options") as follows:
New Stock Options. Subject to the following conditions, the approval thereof by the Board and the closing of the Merger (collectively, the "Stock Option Conditions"), the Company shall grant the Independent Consultant a stock option (the "New Option") to purchase up to 400,000 shares of the Company's common stock (the "Common Stock") (such number of shares to be adjusted to reflect stock splits, reverse stock splits, stock dividends, and similar changes in capitalization of the Company after the Effective Date):
New Stock Options. Section 7 of the Employment Agreement is hereby amended to add subsection (c), which shall read in its entirety as follows:
New Stock Options. In addition to any other stock options previously granted by the Company to the Employee, the Company and Employee shall enter into an additional Stock Option Agreement whereby the Company shall grant to Employee additional options ("New Options") to purchase up to a maximum of 385,000 shares of the Company's common stock. New Options shall vest (a) in equal proportions over a period of seven years from the date of grant and (b) irrespective of the schedule required by clause (a) of this Section, all Current Options and all New Options (collectively "Options") shall vest and be exercisable by Employee immediately prior to any transaction or series of sequenced events in which all or substantially all of the Company's assets or common stock are sold to a third party or third parties or are committed to be sold to a third party or third parties as evidenced by the execution by the Company and the third party or third parties of a letter or memorandum of intent.
New Stock Options. Upon the Board’s determination of the fair market value of the Company’s Common Stock, the Board shall grant stock options to Executive, which will be, to the extent possible under the $1,000,000 rule of Section 422(D) of the Code of, “incentive stock option” (as defined in Section 422 of the Code), as follows:
New Stock Options. Promptly after the closing date under the Note Purchase Agreement dated as of February 11, 2009 between Corporation and X.Xxxxxx L.P. (the “Note Purchase Agreement”), Corporation shall issue to Executive options to purchase Seven Million Nine Hundred Ninety Thousand Seven Hundred Fifty-Six (7,990,756) shares of Corporation’s Common Stock pursuant to its stock option plan (the “First Executive Stock Options”), representing 4.5% of Corporation’s capitalization, calculated on a fully-diluted basis, for $0.14 per share. In addition, in the event that either the $5,000,000.00 Secured Convertible Promissory Note dated February 19, 2009 will be converted at a future date into shares of the Corporation’s Common Stock (the “Conversion Stock”) or there shall be an equity investment in the Company in an amount of at least $5 million (in one transaction or a series of transactions) on or before March 17, 2010, then, promptly after such conversion or such equity investment, the Corporation shall issue to Executive additional options to purchase One Million Six Hundred Eighty Two Thousand Eight Hundred Seventy-Two (1,682,872) shares of Corporation’s Common Stock pursuant to its stock option plan (the “Second Executive Stock Options”; and, together with the First Executive Stock Options, the “New Stock Options”), representing 4.5% of the Conversion Stock, and having an exercise price equal to the fair market value of the Corporation’s Common Stock as of such time.
New Stock Options. Company shall grant Executive a non-qualified option to purchase fifteen million (15,000,000) shares of common stock of the Company with an exercise price equal to the per share price of the Company’s common stock as of the close of trading on the trading day that this Agreement is signed, subject to the terms and conditions of Company’s standard award documentation. Such options shall vest with respect to six million (6,000,000) of such shares on the date of grant, and will vest with respect to the balance (nine million (9,000,000) shares) in 21 equal installments on the last day of each month beginning on January 31, 2012 and ending on September 30, 2013, provided that Executive remains employed by Company on each vesting date. Executive may receive additional future grants of options to acquire stock during the Term if determined by the Chief Executive Officer and approved by the Board, each in their respective sole and absolute discretion.
New Stock Options. Contemporaneously herewith and in lieu of the Stock Option referred to in Paragraph 4 of the Employment Agreement and the Stock Option Agreement dated December 18, 1997 for 300,000 of Benz common stock, Benz shall grant to LaFlure a new Stock Option Agreement for 500,000 of Benz common stock $0.01 par value in the form of Stock Option Agreement attached hereto and marked Exhibit "C", and incorporated herein by reference. Upon receipt of the new Stock Option Agreement LaFlure shall execute a document terminating all of his rights and titles under the Stock Option Agreement dated as of December 18, 1997.
New Stock Options. As will be evidenced by a separate stock option agreement in substantially the form attached hereto as Exhibit A, the Employer shall grant to Employee an incentive stock option on the Effective Date or as soon as administratively feasible thereafter, to purchase 150,000 shares of the Employer’s common stock pursuant to the Employer’s 2005 Equity Incentive Plan (the “2005 Plan”). The option will vest in twelve (12) equal quarterly installments with an exercise price equal to the Fair Market Value of the Employer’s common stock (as defined in the 2005 Plan) on the Effective Date or the actual date of grant if the grant occurs after the Effective Date.
