Common use of Deferred Stock Option Clause in Contracts

Deferred Stock Option. Each quarter any salary payment which has been deferred by the employee (not to exceed 1/3 of the total quarterly salary) may at the election of the employee be converted to an option to purchase stock at one dollar per share, exercisable by giving seven days written notice following the close of the quarter subject to the terms and conditions of the Stock Purchase Agreement.

Deferred Stock Option. Each quarter any salary payment which has been deferred by the employee (not to exceed 1/3 of the total quarterly salary) may at the election of the employee be converted to an option to purchase stock at one dollar per share, exercisable by giving seven days written notice following the close of the quarter subject to the terms and conditions of the Stock Purchase Agreement.giving

Deferred Stock Option. Each quarter any salary payment which has been deferred by the employee (not to exceed 1/3 of the total quarterly salary) may at the election of the employee be converted to an option to purchase stock at one dollar per share, exercisable by giving seven days written notice following the close of the quarter subject to the terms and conditions of the Stock Purchase Agreement. Rights granted hereby are assignable and may be hypothecated.

Deferred Stock Option. Each quarter any salary payment which has been deferred by the employee (not to exceed 1/3 of the total quarterly salary) may at the election of the employee be converted to an option to purchase stock at one dollar per share, exercisable by giving seven days written notice following the close of the quarter subject to the terms and conditions of the Stock Purchase Agreement. Rights granted hereby are assignable and may be hypothcated.