Stock Bonuses. In the event that the Administrator grants a Stock Bonus, the Shares constituting such Stock Bonus shall, as determined by the Administrator, be evidenced in uncertificated form or by a book entry record or a certificate issued in the name of the Participant to whom such grant was made and delivered to such Participant as soon as practicable after the date on which such Stock Bonus is payable.
Stock Bonuses. Executive shall receive a bonus consisting of 140,000 shares of Proformix's Common Stock, for the first year, and 200,000 shares in any year thereafter, in any of which years Proformix's after tax net profits exceed $1,000,000 for each of its first three full fiscal years during the Employment Term, beginning with calendar year 1998. The bonus shall be paid during the calendar quarter following completion of the audit of Proformix's financial statements for the calendar year in question. Net profits shall be computed using generally accepted accounting principles. There shall be no stock bonus paid after the first three full fiscal years.
Stock Bonuses. In addition to the basic salary provided for above, Employer hereby grants to executive a stock bonus in the amount of 100,000 shares upon the Company beginning its first production run of products. In addition, a 100,000 share bonus will be paid upon the company achieving its first $1 million of sales. In addition a 150,000 share bonus will be paid to Employee upon the company first achieving sales of $5 million. In addition, Executive will receive a 150,000 share bonus upon the company achieving sales of $10 million. If, and to the extent that the number of shares of common stock of Employer shall be increased or reduced by whatever action, including but not limited to change of par value, split up, reclassification, distribution or a dividend payable in stock, or the like, the number of shares subject to the Stock Bonus not yet paid to Employee shall be proportionately adjusted. If Employer is reorganized or consolidated or merged with another corporation, Executive shall be entitled to receive shares of stock covering shares payable to Employee but not yet received by Employee of such reorganized, consolidated, or merged company in the same proportion, at an equivalent price, and subject to the same conditions. For purposes of the preceding sentence, the excess of the aggregate fair market value of the shares subject to the option immediately after any such reorganization, consolidation, or merger over the aggregate option price of such shares shall not be more than the excess of the aggregate fair market value of all shares subject to the Stock Bonus not yet paid immediately before such reorganization, consolidation, or merger over the aggregate price of such shares.
Stock Bonuses. 15 13. RIGHTS AS A STOCKHOLDER. . . . . . . . . . . . . . . . . . . . . . . . . . . 15
Stock Bonuses. In the event that the Committee grants a Stock Bonus, a certificate for the shares of Common Stock comprising such Stock Bonus shall be issued in the name of the Participant to whom such grant was made and delivered to such Participant as soon as practicable after the date on which such Stock Bonus is payable.
Stock Bonuses. XCNT will issue 50,000 share of its common stock ------------ as a bonus to the Shareholders for their valuable services as officers of GTC.
Stock Bonuses. In addition to the cash compensation noted above, President shall be given an initial signing bonus of One Million Five Hundred Thousand (1,500,000) restricted shares of the Preferred Stock of Imagitrend, Inc.. These shares ("Compensation Shares") will be valued at par value of $0.001 per share, since there are no significant operations of Employer at this time, and there is no trading market or other comparable sales of the Preferred Stock at this early stage of Employer’s development. President shall, in addition to the initial signing bonus set forth above, be entitled to 500,000 restricted shares of Imagitrend, Inc. common stock each year as an added stock bonus, commencing on May 24, 2005. President shall also be entitled to such additional bonuses as Employer desires to give President, in Employer’s sole discretion, on at least an annual basis, taking into consideration the President’s productivity and the profitability of the Employer. This bonus is to be paid annually.
Stock Bonuses. Subject to the terms and conditions of this Section 5, on behalf and for the benefit of the Company, the Company shall transfer to Employee as additional compensation the shares of voting common stock of the Company set forth below. The issuance of any and all shares of the Company's stock to Employee shall be conditioned upon Employee completing, executing, and delivering to the Company an investment representation letter in the form attached hereto as Exhibit A.
Stock Bonuses. The Committee may award shares under the Plan as stock bonuses. Shares awarded as a bonus shall be subject to the terms, conditions, and restrictions determined by the Committee. The restrictions may include restrictions concerning transfer ability and forfeiture of the shares awarded, together with such other restrictions as may be determined by the Committee. The Committee may require the recipient to sign an agreement as a condition of the award, but may not require the recipient to pay any monetary consideration other than amounts necessary to satisfy tax withholding requirements. The agreement may contain any terms, conditions, restrictions, representations and warranties required by the Committee. The certificates representing the shares awarded shall bear any legends required by the Committee. The Company may require any recipient of a stock bonus to pay to the Company in cash upon demand amounts necessary to satisfy any applicable federal, state or local tax withholding requirements. If the recipient fails to pay the amount demanded, the Company may withhold that amount from other amounts payable by the Company to the recipient, including salary or fees for services, subject to applicable law. With the consent of the Committee, a recipient may deliver Common Stock to the Company to satisfy this withholding obligation. Upon the issuance of a stock bonus, the number of shares reserved for issuance under the Plan shall be reduced by the number of shares issued.
Stock Bonuses. During the Employment Period, on the first anniversary of the date Executive became an employee of the Company, the Executive will earn a stock bonus in the amount of Fifty Thousand (50,000) common shares of the Company, on the second anniversary of the date Executive became an employee of the Company, the Executive will earn a stock bonus in the amount of One Hundred Thousand (100,000) common shares of the Company, and on the third anniversary of the date Executive became an employee of the Company, the Executive will earn a stock bonus in the amount of One Hundred Fifty Thousand (150,000) common shares of the Company. If the Executive is not employed with the Company on the respective anniversary date, the Executive shall have a right to the stock bonus which shall be pro-rated evenly over the months the Executive is employed during the year in which employment ceases. i.e. If the Executive is employed for six months then he shall be entitle to 50% of the stock for that year. Any shares earned by Executive pursuant to paragraph 5 herein will be “Restricted Securities” as such term is defined in Rule 144 as promulgated under the Securities Act of 1933 and thus will be subject to certain resale limitations as contained in Rule 144. Executive will be solely responsible for any tax consequences incurred upon payment of any stock bonuses.
