Issuance of Company Stock. One share of Company Stock will be issued to the Participant for each vested share of Restricted Stock in accordance with the Vesting Schedule set forth in the Summary of Grant. Any shares of Restricted Stock not vested will be forfeited. Participant understands and agrees that all shares of Restricted Stock that are not fully vested at the time Participant ceases to be employed by, or provide service to, the Employer shall be returned to Company. In no event will any fractional shares of Company Stock be issued. Accordingly, the total number of shares of Company Stock to be issued pursuant to this Agreement will, to the extent necessary, be rounded down to the next whole share of Company Stock in order to avoid the issuance of a fractional share.
Issuance of Company Stock. In addition to Employee's Base Salary (as set forth in Section 1 above) and the Monthly Bonus Payments (as set forth in Section 2 above), the Company will grant to Employee fifteen million (15,000,000) shares of the Company's common stock in Employee's name to be held in escrow for the benefit of Employee (the "Company Common Stock"). The Company Common Stock will vest, and the Company will release the Company Common Stock to Employee, in accordance with the following vesting schedule:
Issuance of Company Stock. The Executive shall not be, or have any of the rights or privileges of, the owner of Shares credited to his Deferral Account unless and until certificates representing such Shares shall have been issued and delivered to the Executive. As a condition of any issuance of Shares, the Administrator may obtain such agreements or undertakings, if any, as the Administrator may deem necessary or advisable to assure compliance with any such law or regulation or shareholder agreement including, but not limited to, a representation, warranty or agreement to be bound by any legends that are, in the opinion of the Administrator, necessary or appropriate to comply with the provisions of any securities law deemed by the Administrator to be applicable to the issuance of the Shares and which are endorsed upon the Share certificates. Share certificates issued to the Executive receiving such Shares who is a party to any shareholders agreement, voting trust, or any similar agreement shall bear the legends contained in such agreements. Notwithstanding any provision hereof to the contrary, no Shares shall be required to be issued with respect to this Agreement unless counsel for the Company shall be reasonably satisfied that such issuance will be in compliance with applicable federal or state securities laws. In no event shall the Company be required to issue Shares under this Agreement if the issuance thereof would constitute a violation of applicable federal or state securities law or regulation or a violation of any other law or regulation of any governmental authority or any national securities exchange. As a condition to issuance of Shares, the Company may place legends on Shares, issue stop transfer orders, and require such agreements or undertakings as the Company may deem necessary or advisable to assure compliance with any such law or regulation.
Issuance of Company Stock. If the Company consummates a sale of the Company's common stock (the "OWT Common Stock") to the public pursuant to a firm commitment underwritten public offering in an amount of at least Ten Million Dollars ($10,000,000) or any lesser amount as may be approved in writing by Mark H. Shipps, (the "Initial Puxxxx Xxxxxxxx") at any time prior to the expiration of the term hereof, upon the consummation of the Initial Public Offering, the Option Base Amount as set forth on Exhibit D shall be automatically converted (the "Conversion") into shares of OWT Common Stock, pursuant to the terms of this Section 3. In such event, a pro-rata portion of the unpaid Option Cancellation Amounts for each of the first through fifth periods set forth on Exhibit D shall be immediately due and payable by the Company to the Management Stakeholders, based on the Option Cancellation Amount for each such period multiplied by the ratio of (i) the number of days within such period which have elapsed prior to the Conversion divided by (ii) the total number of days in such period (the "Period Ratio"); provided, however, that if the Option Cancellation Amount for the first period has not been paid in full, the amount paid shall include the First Period Acceleration Penalty plus the product of (x) the Remainder set forth on Exhibit D, multiplied by (y) the Period Ratio for the first period.
Issuance of Company Stock. In addition to Executive’s Base Salary, discretionary Bonus and Sales-Based Compensation (as set forth above), the Company will issue to Executive twenty million (20,000,000) shares of the Company’s common stock in Executive’s name to be held in escrow for the benefit of Executive (the “Company Common Stock”). The Company Common Stock will vest, and the Company will release the Company Common Stock to Executive, in accordance with the following vesting schedule:
Issuance of Company Stock. (a) The Participant will receive a distribution with respect to the Performance Stock Units earned and vested pursuant to this Agreement, if any, within sixty (60) days following the date the Performance Stock Units become earned and vested in accordance with Section 2 hereof (the “Payment Date”); provided, however, that such distribution will be made no later than March 15 of the fiscal year following the end of the Performance Period. Distribution will be made with respect to the Performance Stock Units on the Payment Date in shares of Company Stock, with each Performance Stock Unit earned and vested equivalent to one share of Company Stock. In no event will any fractional shares be issued, and the total number of shares of Company Stock to be issued pursuant to this Agreement will, to the extent necessary, be rounded down to the next whole share of Company Stock in order to avoid the issuance of a fractional share.
Issuance of Company Stock. At the Closing, upon surrender of the Certificates duly endorsed by the Merged Co Stockholders, the Company shall deliver to each Merged Co Stockholder his pro-rata portion of the Total Merger Consideration in the form of certificates for Company Stock issued in the name of the applicable Merged Co Stockholder with applicable restrictive legends and stop transfer instructions. Except as otherwise provided in Section 2.3, until so surrendered, each such Certificate shall be deemed for all purposes to evidence only the right to receive the Total Merger Consideration payable in the form of Company Stock as set forth in Section 2.2.
Issuance of Company Stock. In addition to Director’s Base Salary (as set forth in Section 1 above) and the Monthly Bonus Payments (as set forth in Section 2 above), the Company will grant to Director fifteen million (15,000,000) shares of the Company’s common stock in Director’s name to be held in escrow for the benefit of Director (the “Company Common Stock”). The Company Common Stock will vest, and the Company will release the Company Common Stock to Director, in accordance with the following vesting schedule:
Issuance of Company Stock. At the Closing, the Company shall issue and deliver to Parent, and Parent shall acquire, the Company Stock.
Issuance of Company Stock. In consideration of Pisarra's transfer of the Pisarra Stock to the Company and Pisarra's execution of this Agreement, including the preceding release provisions, the Company hereby issues to Pisarra 150,000 shares of common stock of the Company, par value $.01 per share (hereinafter, the "Common Stock"). 3.
