IROG definition
Examples of IROG in a sentence
In the event IROG reasonably believes Director has committed an act of misconduct including, but limited to acts specified below, IROG may suspend Director’s right in his Restricted Stock Award granted hereunder pending final determination by the Board of Directors of the Company (the “Board”).
In consideration for services rendered by the Director, IROG hereby grants to Director, in the manner and subject to the conditions hereinafter provided, one hundred thousand (100,000) shares of IROG’s Common Stock (the “Restricted Stock”).
At all times when IROG determines that compliance with Section 162(m) of the Internal Revenue Code of 1986, as amended (the “Code”) is required or desired, the Restricted Stock if granted to a Named Executive Officer shall comply with the requirements of Code Section 162(m).
A certificate evidencing the Restricted Stock shall be issued by IROG in Director’s name, pursuant to which Director shall have voting rights and shall be entitled to receive all dividends.
Director may be required to furnish representations or undertakings deemed appropriate by IROG to enable the offer and sale of the shares or subsequent transfers of any interest in such shares to comply with applicable securities laws.
In addition, in the event that changes are made to Code Section 162(m) to permit greater flexibility with respect to this Agreement IROG may, subject to this Section 6, make any adjustments it deems appropriate.
Nothing in this Agreement will confer or be deemed to confer on Director any right to continue in the employ of, or to continue any other relationship with, IROG or a subsidiary or to limit in any way the right of IROG or a subsidiary to terminate Director’s employment or other relationship at any time, with or without cause.
IROG agrees that prior to the issuance of the Restricted Stock represented by this Agreement, there shall be reserved for issuance such number of IROG’s authorized and unissued shares as shall be necessary to satisfy the terms and conditions of this Agreement.
The Common Stock is quoted on the OTC Bulletin Board under the symbol IROG.
IROG shall not be obligated to issue any Restricted Stock with respect to this Agreement unless such shares are at that time effectively registered or exempt from registration under the federal securities laws and the offer and sale of the shares are otherwise in compliance with all applicable securities laws.