Qualified Stock Options. 3. If the Company approves the exercise of the SARs, written notice must be given to the Company stating the number of shares in the Options in respect of which the SARs are being exercised. In due course, you will receive payment in cash in an amount equal to the difference between the Fair Market Value (as defined in the Plan) of one share of the Common Stock on the date of exercise of the SARs and the Option Exercise Price per Share specified in respect of the Options times the number of shares in respect of which the SARs shall have been exercised. Such payment shall be subject to reduction for withholding taxes.
Qualified Stock Options. (a) Xxxxxxxx shall be issued 500,000 stock options from the company with a $.10 per option strike price. Such options shall vest at the rate of 33 and third percent on an annual basis for three years. This plan will be consistent with the executive stock option plan and part of a qualified stock option plan. The Company shall cancel options not vested upon termination or resignation. Under the terms hereinabove, immediately and Xxxxxxxx will have 60 days to exercise stock options. Options shall automatically expire seven years from date they are vested.
Qualified Stock Options. Upon the occurrence of a Transaction (as defined in Section 4 hereof) or a Qualified Termination Event occurring prior to the Closing Date, Employee shall be entitled to the following treatment of stock options to purchase shares of common stock of the Company (“Common Stock”) heretofore granted to him under the Company’s 1995 Stock Plan or 1996 Stock Plan, each as amended (the “Stock Plans”), that have not been terminated, cancelled or otherwise surrendered (collectively, the “Qualified Stock Options”):
Qualified Stock Options. The Company will seek to adopt for its employees a qualified incentive stock option plan (the "Stock Option Plan") during the first twelve (12) months following the Effective Time. It is contemplated that the Executive shall be a participant in the Stock Option Plan in accordance with Company policies.
Qualified Stock Options. It is the intent of Employer to seek approval by Employer’s shareholders of the Stock Option Plan at Employer’s 2006 annual shareholders’ meeting and, if approved by such shareholders, the options granted to Employee as contemplated by Section 5.01 shall constitute incentive stock options as such term is defined under Xxxxxxx 000 xx xxx Xxxxxx Xxxxxx Internal Revenue Code; provided, however, that in the event such Stock Option Plan is not, for any reason, approved by such shareholders, the options granted to Employee pursuant to such Stock Option Plan as contemplated hereby shall be nonqualified options. Employer does not represent or warrant that the options granted as contemplated hereby will be or are capable of becoming qualified stock options within the meaning of Section 422 of the U.S. Internal Revenue Code or that the Stock Option Plan will be approved by Employer’s shareholders at any time. Nothing herein shall obligate Employer to take any act or refrain from taking any act in furtherance of qualifying such stock options under Section 422.
Qualified Stock Options. Under current law, an option holder will not realize taxable income upon the grant of an option which is not qualified as an incentive stock option, also referred to as a nonstatutory stock option. However, when an option holder exercises the option, the difference between the exercise price of the option, and the fair market value of the shares subject to the option on the date of exercise will be compensation income taxable to the option holder. We will be entitled to a deduction equal to the amount of compensation income taxable to the option holder if we comply with eligible reporting requirements. WE RECOMMEND THAT YOU CONSULT YOUR OWN TAX ADVISOR WITH RESPECT TO THE FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES OF PARTICIPATING IN THE OFFER.
Qualified Stock Options. The Options terminate automatically and shall not be exercisable by you from and after the date on which you cease to be an employee of the Company or one of its subsidiaries for any reason other than your death, Retirement or Disability. In the event of your death, Retirement or Disability while an employee of the Company or one of its subsidiaries (and having been an employee continuously since the Date of Grant) during the exercise period on any date which is more than six (6) months after the Date of Grant of the Incentive Stock Options specified on the first page of this Grant Agreement or more than six (6) months after the Date of Grant of Non-Qualified Stock Investment Options specified at paragraph 4 of this Grant Agreement, the Options shall become immediately exercisable and, except as provided below in the event of your death while an employee, shall be exercisable by you for the remainder of the term of the Option grant. In the event of your death while an employee, the Options may be exercised up to three years after date of death by the person or persons to whom your rights in the options passed by your will or according to the laws of descent and distribution. Nothing contained herein shall restrict the right of the Company or any of its subsidiaries to terminate your employment at any time, with or without cause. 2005 Plan Master ISO ISO Grant Agreement (Cont'd) Date PART III - GENERAL PROVISIONS (Cont'd)
Qualified Stock Options. 1.04(a) SEC......................................................... 3.07(a) Service..................................................... 3.13(h) Share(s).................................................... 1.02(a) Stockholders................................................
Qualified Stock Options. A non-qualified stock option is an option that does not meet the requirements of Section 422 of the Code. A Participant will not have taxable income when granted a non-qualified stock option. When the Participant exercises the stock option, he or she will have taxable ordinary income equal to the excess of the fair market value of the Shares received on the exercise date over the aggregate exercise price of the Shares. The Participant’s tax basis in the Shares acquired on exercise of the option will be increased by the amount of such taxable income. The Company generally will be entitled to a federal income tax deduction in an amount equal to the ordinary income that the Participant recognizes. When the Participant sells the Shares acquired on exercise, the Participant will realize long-term or short-term capital gain or loss, depending on whether the Participant holds the Shares for more than one year before selling it. Special rules apply if all or a portion of the exercise price is paid in the form of Shares.
Qualified Stock Options. Executive shall be included in the 0000 XXXXX --------------------------- Surgical Company Non-Qualified Stock Plan (the "Plan") adopted by Company. Pursuant to the terms of the Plan, Executive shall be entitled to purchase seventy thousand (70,000) shares of Company's common stock (which options shall vest over a period of five (5) years, fourteen thousand (14,000) shares each on May 6, 1998, May 6, 1999, May 6, 2000, May 6, 2001 and May 6, 2002, respectively), all of which option rights shall expire on May 6, 2006. The purchase price per share shall be $12.50. Stock issued pursuant to the Plan shall be restricted stock, although Company shall reserve the right to issue registered shares if it so decides. Executive agrees to be bound by the terms of the Plan as adopted. These options shall be non- qualified stock options.
