Executive Option Clause Samples
The Executive Option clause grants an executive the right to purchase a specified number of company shares at a predetermined price, typically as part of their compensation package. This clause outlines the terms under which the options can be exercised, such as vesting schedules, expiration dates, and any conditions tied to continued employment or company performance. Its core practical function is to incentivize executives by aligning their interests with the company's success, while also providing a structured mechanism for equity participation.
Executive Option. Upon the occurrence of an Option Buy-Out Event, the Executive may tender all, but not a portion, of the Twenty Million (20,000,000) shares of the Company’s common stock that Executive acquired for Twenty Thousand Dollars ($20,000.00) in February, 2008 (“Buy-Out Shares), to the Company and the Company shall be obligated to make a payment of Twenty Thousand Dollars ($20,000.00) to the Executive, or Executive’s estate, heirs and/or legal guardian(s) at the time of the appointment of the individual set forth in Exhibit A and the surrender of the Buy-Out Shares.
Executive Option. (a) ESC grants to Parent and Subsidiary an ---------------- irrevocable option (the "Executive Option") to require ESC to purchase 640,625 ---------------- Executive Shares, at the price per Share set forth in the ESC Stock Options. The Executive Option may be exercised by Parent or Subsidiary, in whole or in part, at any time and from time to time by delivery of written notice during the period commencing on the date of any Acquisition Proposal (as defined in the Merger Agreement) and ending on the date of the first to occur of (i) the Effective Time and (ii) (A) 180 days after the termination of the Merger Agreement in case of termination pursuant to Sections 8.01(d) or 8.01(e) of the Merger Agreement, or (B) on the date of termination in the case of termination of the Merger Agreement for any other reason (the "Trust Exercise Period"). ---------------------
(b) If Parent wishes to exercise the Executive Option, Parent shall send a written notice at any time during the Trust Exercise Period to ESC of its intention to exercise the Executive Option, specifying the total number of Executive Shares that ESC shall be required to purchase. Following receipt of notice from Parent, ESC shall promptly notify Parent in writing of the Purchase Price. ESC shall not be obliged to purchase such Executive Shares unless Parent makes available by way of loan to ESC the cash funds sufficient to satisfy the aggregate Purchase Price for such Executive Shares and to pay any applicable taxes.
(c) The closing of the purchase of such Executive Shares (the "Executive Closing") shall occur within five business days of the date on which ----------------- Parent delivers a written notice to ESC specifying the number of Executive Shares to be purchased by ESC. At the Executive Closing, Parent shall advance to ESC, by way of loan, cash in an amount equal to the product obtained by multiplying (i) such number of the Executive Shares as to which the Executive Option is exercised and (ii) the Purchase Price per Executive Share (such cash amount being, the "ESC Loan") PLUS an amount sufficient to pay any applicable -------- taxes. The ESC Loan, together with accrued and unpaid interest thereon calculated at a rate of seven percent per annum, shall be repaid prior to the earlier of (x) the Closing (as defined in the Merger Agreement) and (y) the termination of the Merger Agreement.
(d) At the Executive Closing, as collateral security for the prompt payment in full when due of the obligati...
Executive Option. At the option of Executive, at any time, for any reason, on sixty (60) days’ prior written notice to the Company.
Executive Option. Upon thirty (30) days prior written to notice (the "Executive Notice") to Company given at any time after a Change in Control, the Executive may terminate this Agreement and upon the effective date of such termination by Executive all benefits and payments by the Company to Executive under this Agreement shall cease and neither party shall have any continuing rights or obligations one to the other.
Executive Option. Within 90 days after the Effective Date, the Executive, in his sole and absolute discretion, may elect to terminate his employment with the Company and the Bank and receive the Termination Payment by delivering written notice to the Company and the Bank of the Executive's election to terminate his employment (the "Election Notice") prior to the expiration of such 90-day period. Within 14 days of receipt of the Election Notice, (a) the Company and the Bank shall pay the Executive the Termination Payment and (b) the Executive shall cease to be employed by the Company and the Bank. Failure by the Executive to provide the Election Notice to the Company and the Bank within such 90-day period shall be deemed a waiver of the Executive's rights under this Section 3. Notwithstanding anything to the contrary contained in this Agreement, the Executive shall have no right to make the election described in this Section 3 should the Executive have committed any of the acts entitling the Company or the Bank to terminate the Executive for cause as described in Section 5.