Option Issuance. On the Effective Date, the Company shall issue to Executive options to acquire 90,000 shares of common stock, par value $0.0001 per share (the “Common Stock”) of the Company, pursuant to the Option Agreement as attached hereto as Exhibit A (the “Option Agreement”) pursuant to the Company’s 2017 Stock Incentive Plan (the “Plan”). 25% of the Options shall be vested upon issuance, with the balance to vest in equal monthly installments over the following 36 months, and shall be exercisable for a period of ten (10) years except as otherwise provided in the Option Agreement or the Plan, and subject to earlier vesting or forfeiture as set forth herein and in the Option Agreement.
Option Issuance. Notwithstanding any other provision of this Agreement, prior to the Effective Time, the Company may issue stock options pursuant to its 1995 Stock Plan to the employees and exercisable for the number of Shares set forth on Schedule 6.11(d). No option shall be exercisable for Shares at a price that is less than the fair market value of the Shares (as defined in the 1995 Stock Plan) at the time of the authorization of the option. Notwithstanding any other provision of this Agreement, the Company may, prior to the Closing, amend the terms of any non-qualified stock option previously granted by the Company pursuant to the 1995 Stock Plan or the 1989 Stock Option Plan to Michxxx X. Xxxnenson, Todd X. Xxxxx, Xxnaxx X. Xxxxx xx Michxxx X. Xxxxxxxx xx provide that such option will not terminate until the earlier of (a) the expiration date of the term of such option or (b) 18 months after the termination of the optionee's consulting relationship or continuous status as an employee with the Company. Notwithstanding any other provisions of this Agreement, the Company may refund to all employees the amounts collected under the Stock Purchase Plan for the first offering period of 2000.
Option Issuance. On the Effective Date, the Company shall issue to Executive options to acquire 20,000,000 shares of common stock, par value $0.001 per share, of the Company (the “Common Stock”) at various exercise prices, as set forth in and pursuant to the Option Agreement in the form as attached hereto as Exhibit A (the “Option Agreement”), which Options shall be subject to vesting and forfeiture as set forth herein and in the Option Agreement (the “Options”). The number of shares of Common Stock subject to the Options and the exercise price of the Options shall be subject to adjustment as set forth in the Option Agreement and shall survive the termination of this Agreement.
Option Issuance. In consideration of your agreement to the reduction in your Base Salary provided for above, we will grant you an option ("Option") to acquire 5,000 shares of Directrix Common Stock in the form attached. The Option provides for an exercise price of $4.00 per share and the Option is fully vested. If the foregoing correctly reflects you agreement with the matters provided for herein, please sign below. We appreciate your support of Directrix. Sincerely, DIRECTRIX, INC. By:_________________________________ J. Xxxxx Xxxxxxx, Chairman & CEO AGREED TO: ____________________________________ Xxxxxx X. XxXxxxxx, Xx.
Option Issuance. Culture shall issue to the Executive, annually, during October of this year and each October for each of the three (3) years following this year, options under the stock option plan to purchase two and one-half percent (2.5%) of the then outstanding stock of Culture, thus providing the Executive options to purchase 10% of the common stock of Culture. Subject to Section 2(e)(iv), the Executive shall have ten (10) years from the date of issuance of an option to exercise such option. The options granted to the Executive shall, to the greatest extent possible, be Incentive Stock Options (as defined in Section 422 of the Internal Revenue Code of 1986, as amended from time to time). If a grant of solely Incentive Stock Options would not equal an amount of stock equal to 2.5% of the outstanding stock of Culture, then additional non qualified stock options shall be issued to the Executive.
Option Issuance. At least five (5) days prior to the Closing Date, the Company shall deliver to the Buyer a list (the "Option List") of employees entitled to be issued stock options to the Buyer. On the Closing Date, the Buyer shall issue to those employees set forth on the Option List (as defined below) who remain as employees of the Company as of the Closing Date, stock options to purchase shares of the common stock of the Buyer. Such stock options will be issued pursuant to Buyer's existing employee stock option plan and will be subject to the terms of the plan, subject to the vesting provisions set forth herein. The aggregate number of stock options to be issued shall be equal to the quotient determined by dividing 50,000,000 by the sum of the Fair Market Value per share of MRV Common Stock minus the per share option exercise price of the stock options so granted. The Fair Market Value per share of MRV Common Stock shall equal the average of the closing sales price of the Company's Common Stock as quoted on the Nasdaq National Market for the ten (10) trading days immediately preceding the Closing Date. Each of the options set forth on the Option List shall vest over a four year period commencing on the Closing Date, 25% of such options vesting twelve (12) months after the Closing Date and 2.08333% of such options vesting at the end of each month commencing at the end of the thirteenth month after the Closing Date.
Option Issuance. Parent shall, within 60 days after the Closing, grant to employees of the Company who continue as employees of the Surviving Entity or Parent, options to purchase shares of Parent Common Stock (“New Employee Stock Options”) pursuant to Parent’s existing stock option program (“Parent Stock Option Program”). The aggregate number of New Employee Stock Options to be issued hereunder shall be the number of shares that would result in such options having an aggregate value of $3,000,000, determined using the Black-Scholes option pricing formula and a single option award approach, with an assumed exercise price equal to the Average Parent Stock Price and such other valuation assumptions as Parent has applied to its outstanding stock options for Parent Common Stock in accordance with SFAS 123R. The New Employee Stock Options shall be granted in such individual amounts as Parent deems appropriate in its sole discretion and (i) shall have an exercise price equal to the fair value of Parent Common Stock on the date of grant, as determined in accordance with the Parent Stock Option Program, (ii) shall vest over four years (with one-fourth vesting one year after the date of grant and the balance vesting in equal monthly installments over the subsequent three years), and (iii) shall be on such other terms as generally applied by Parent under the Parent Stock Option Program.
