Annual Stock Option Award. No later than June 30 of each fiscal year during the Employment Term, the Company shall grant Executive an Annual Stock Option Award to purchase shares of the common stock of IREC (“Annual Stock Options”), subject to the conditions set forth below and in accordance with the schedule set forth on Exhibit C, attached hereto and made a part hereof. Twenty percent (20%) of any Annual Stock Options granted hereunder shall vest on each successive yearly anniversary of the grant of the Annual Stock Options.
Annual Stock Option Award. Subject to approval of the 2008 Long-Term Equity Compensation Plan (the “2008 Equity Award Plan”) by the Company’s stockholders, no later than June 30 of each fiscal year during the Employment Term, the Company shall grant Executive an Annual Stock Option Award to purchase shares of the common stock of the Company (“Annual Stock Options”), subject to the conditions set forth below and in accordance with the schedule set forth on Exhibit B, attached hereto and made a part hereof. Twenty percent (20%) of any Annual Stock Options granted hereunder shall vest on each successive yearly anniversary of the grant of the Annual Stock Options. In the event that the 2008 Equity Award Plan is approved after June 30 of the fiscal year in question, the Annual Stock Option Award for such year shall be granted as soon as practicable after such approval.
Annual Stock Option Award. Each year, Executive will be granted an award of time-based stock options, which may be granted either as non-qualified stock options or as incentive stock options. Each annual stock option grant will equal 37.5% of Executive’s Base Salary. Each annual stock option grant will be evidenced by a separate stock option agreement, and will provide for 33% vesting on the first anniversary of the grant date, 66% vesting on the second anniversary of the grant date, and 100% vesting on the third anniversary of grant date. The number of shares subject to each annual stock option grant will be calculated using the Black-Scholes model based on the Company Stock closing price on the day immediately preceding grant date, rounded up to the nearest fifty (50) shares.
Annual Stock Option Award. In addition to the Base Salary and Target Cash Bonus, Employee will be eligible to receive an annual market based stock option grant (the “Annual Stock Option Grant”) issued pursuant to the terms of one of the Company’s equity compensation plans. The actual amount of such grant, if any, will be determined by the Board (or a committee thereof) based upon Company performance and any other factors that the Board (or a committee thereof), in its reasonable good faith discretion, deems appropriate. Employee’s achievement of such milestones, as well as the amount of any Annual Stock Option Grant, if any, shall be determined by the Board (or a committee thereof) in its reasonable good faith discretion. In connection with such grants, the Employee shall enter into the Company’s standard stock option agreement which will incorporate the vesting schedule and other terms as determined by the Board (or a committee thereof).
Annual Stock Option Award. By no later than February 15th of each calendar year during the Term (or, in the case of calendar year 2019, by no later than thirty (30) days after the closing of the Merger), and provided that Executive remains an employee of the Company or its Affiliates as of the date of grant of the stock option, the Company shall grant to Executive an option to purchase shares of the Company’s common stock under the Company’s 2019 Omnibus Equity Incentive Plan (the “Plan”), where each such option will have a grant date value of 50% of the Yearly LTIP Value (for example, $750,000 USD or $900,000 USD for calendar year 2019 pursuant to terms in 3.1), at an exercise price that is equal to the fair market value of the common stock on the date of grant (each annual grant referred to as an “Option”). The “value” of each Option for this purpose will be the fair value of the Option on the date of grant based on a Black-Scholes or any similar option valuation methodology utilized by the Company for determining the fair value of its stock options for financial reporting purposes. Subject to the accelerated vesting provisions set forth herein, prior to a Termination of Service (as defined in the Plan ), the Option will vest and become exercisable as to 1/36th of the shares subject to the Option monthly, so that the Option will be fully vested and exercisable three (3) years from the date of grant.
Annual Stock Option Award. By no later than February 15th of each calendar year during the Term (or, in the case of calendar year 2019, by no later than thirty (30) days after the closing of the Merger), and provided that Executive remains an employee of the Company or its Affiliates as of the date of grant of the stock option, the Company shall grant to Executive an option to purchase shares of the Company’s common stock under the Company’s 2019 Omnibus Equity Incentive Plan (the “Plan”), where each such option will have a grant date value of 50% of the Yearly LTIP Value (for example, $168,750 USD for calendar year 2019), at an exercise price that is equal to the fair market value of the common stock on the date of grant (each annual grant referred to as an “Option”). The “value” of each Option for this purpose will be the fair value of the Option on the date of grant based on a Black-Scholes or any similar option valuation methodology utilized by the Company for determining the fair value of its stock options for financial reporting purposes. Subject to the accelerated vesting provisions set forth herein, prior to a Termination of Service (as defined in the Plan ), the Option will vest and become exercisable as to 1/36th of the shares subject to the Option monthly, so that the Option will be fully vested and exercisable three (3) years from the date of grant.
Annual Stock Option Award. In addition to the Base Salary and Target Annual Bonus, after the twelve (12) month anniversary of the Effective Date, Employee will be eligible to receive an annual market based stock option grant (the “Annual Stock Option Grant”) issued pursuant to the terms of one of the Company’s equity compensation plans. The actual amount of such grant, if any, will be determined by the Board (or a committee thereof) based upon Company performance and Employee’s performance. In connection with such grants, the Employee shall enter into the Company’s standard stock option agreement which will incorporate the vesting schedule and other terms as determined by the Board (or a committee thereof).
Annual Stock Option Award. On the last day of the first year of this Agreement, the Executive shall receive an award of options to acquire shares of the Company Stock with a target value equal to 35% of the Executive’s then current annual salary. Stock Option awards shall be in accordance with the Stock Option Plan, and priced at the close of the market applicable for the date they are granted. On subsequent yearly anniversaries, the Executive will be eligible to receive stock option awards at a similar level, with the actual amount determined at the discretion of the Board. Options granted to Executive during his employment shall have a term of five years. Vesting of options granted to Executive shall be as set forth in Schedule A under “Options Vesting.”
Annual Stock Option Award. Subject to the approval of the Committee at the next regularly scheduled Committee meeting following the Commencement Date (but not later than March 31, 2020), Executive shall be awarded stock options with a value as of the grant date of $320,000 (the “Annual Option Award”). The Annual Option Award will have an exercise price equal to the closing price of the Company’s common stock on the NASDAQ Global Stock Market on the date of grant. Subject to continued employment, the Annual Option Award vest in equal installments semi-annually over four years, with the first such vest occurring on October 1, 2020, and the remaining installments vesting every six months thereafter. The Annual Option Award will otherwise be subject to the Company’s then standard terms and conditions for executive stock option awards, except as otherwise provided in this Agreement or in the XXXX.
Annual Stock Option Award. Effective as of the Grant Date, Executive shall be awarded stock options with a value as of the Grant Date of $200,000 (the “Annual Option Award”). The Annual Option Award will have an exercise price equal to the closing price of the Company’s common stock on the NASDAQ Global Stock Market on the Grant Date. Subject to continued employment, the Annual Option Award vest in equal installments semi-annually over four years, with the first such vest occurring on October 1, 2017, and the remaining installments vesting every six months thereafter. The Annual Option Award will otherwise be subject to the Company’s then standard terms and conditions for executive stock option awards, except as otherwise provided in this Agreement or in the XXXX.
