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. 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. As further compensation, and in addition to the stock options and restricted shares that have been granted to Executive under prior agreements with the Company (which are not affected by this Agreement, remain outstanding, and, to the extent not vested as of the Transition Date, shall continue to vest and become exercisable in accordance with their terms after the Transition Date), the Company hereby grants to Executive, as incentive compensation for service on and after the Transition Date, new options to purchase additional shares of common stock of the Company (the “New Options”) as follows:
New Stock Options. The Company will grant the Employee options to purchase up to 15,000 common shares in the capital of the Company as soon as practicable following the execution of this Agreement by the Employee. The options will expire seven years from the date of grant and will vest to the Employee with 7,500 shares vesting immediately and the remaining 7,500 shares vesting on or before the first anniversary of the date of grant. The options will be exercisable at a price of Cdn.$3.32 per share.
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. Section 7 of the Employment Agreement is hereby amended to add subsection (c), which shall read in its entirety as follows:
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.
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. As further compensation, and in addition to the stock options (the "Outstanding Options") that have been issued to the Executive prior to the Transition Date, the Company has granted to the Executive, for service on and after the Transition Date, new options to purchase additional shares of common stock of the Company (the "New Options") as follows:
New Stock Options. In the event of any combination in which the Company is not a surviving corporation, or the sale of substantially all of the Company's assets, or a change of control, each Owner shall receive new additional stock option for the purchase of that number of the surviving corporation's shares which, when multiplied by one (1) times the book value per share of such other corporation's shares immediately after the merger, combination, or sale, shall be equal to two million dollars ($2,000,000.00). The purchase price per share upon exercise of such options shall be equal to the book value per share of such other corporation's shares immediately after the merger, combination, or sale; and the other terms and conditions of such option shall be reasonably equivalent to those stock options for the purchase of the shares held by each Owner at the time of such combination, asset sale or change of control.
