Initial Stock Options. Upon execution of this Agreement, Executive shall be granted an incentive stock options for a total of 300,000 shares of the Corporation's Common Stock under the Corporation's stock option plan (the "Initial Stock Options"). This grant is effective as of the date of this Agreement (or the date of grant under the plan, if later). One third of such Initial Stock Options shall become exercisable on each successive anniversary of the date of the Agreement, provided that the Executive is employed by the Corporation on each such anniversary date.
Initial Stock Options. You shall be entitled to receive stock options --------------------- to purchase up to an aggregate of 30,000 shares of common stock of the Company. Such options shall be priced on the closing price of the Company's Common Stock as reported by NASDAQ on the date you commence employment with the Company and shall vest as follows: the stock options have a four year vesting period, with 20% vesting after six months, 20% vesting after one year, 20% at the end of two years, 20% at the end of three years, and full vesting at the end of four years in four equal annual installments on the anniversary date of such grant. A copy of the forms of option grant letter is attached hereto as Exhibits D and E. ---------------- Notwithstanding the foregoing, in the event of a Change of Control (as defined in Section 7 herein), an additional 20% of such option shall vest upon the Change of Control (but in any event not to exceed 100% of the original option grant).
Initial Stock Options. The Company shall grant to the Executive options to purchase 2,500,000 shares of common stock of the Company. The exercise price of the options shall be $.04 per share. The Initial Stock Options shall have a term equal to the Term of this Agreement, plus two years after the termination of this Agreement, regardless of the reason for termination. The stock options shall vest 100% on the Effective Date. Upon the exercise of the stock options, Executive shall be deemed the owner of the common stock into which the stock options were exercisable. Upon any change in the number of outstanding shares of the Company's common stock by reason of a stock dividend, stock split, recapitalization, merger, consolidation, exchange of shares, reorganization or other change in the Company's corporate structure or stock, an appropriate and equitable adjustment will be made in the number of shares covered by this option and the option prices thereof. Any such adjustment shall not change the total option price applicable to the unexercised portion of this option, but will provide for corresponding adjustments in the option price for each share covered by this option. All adjustments and determinations made by the Board of Directors of the Company in connection therewith shall be effective and binding for all purposes of this option. The grant of this option shall not affect in any way the right or power of the Company to make adjustments, reclassifications, reorganizations or other changes of its capital or business structure, to merge or consolidate, or to dissolve, liquidate, sell or transfer all or any part of its business or assets, or to do any other corporate act, whether of a similar character or otherwise. Upon the exercise of the options, the Company shall immediately register the opted shares following the Executive's execution of the option.
Initial Stock Options. Upon the Parent’s adoption of an employee stock option plan, Employee will be granted options to purchase 3,450,000 shares of the Common Stock of the Parent at a price equal to the closing market price of the Common Stock on the date employee commences employment. The options will vest in three equal annual installments beginning as of September 14, 2004, and terminate ten years from the date of grant.
Initial Stock Options. On the Effective Date, the Company shall grant the Executive the following options to purchase stock of the Company, which options shall be transferable by the Executive to members of his immediate family or to trusts or partnerships formed for the benefit of the Executive or members of his immediate family:
Initial Stock Options. On the Effective Date, the Company will grant Employee options to purchase 500,000 shares of the Company's common stock (the "Common Stock"). The terms of such options are set forth in a Stock Option Agreement, dated as of the Effective Date, between the Company and Employee, which is attached hereto as Exhibit_A.
Initial Stock Options. The Company shall grant to Executive options to purchase up to Seven Hundred Fifty Thousand (750,000) shares of the Company’s common stock as follows: One Hundred Thousand (100,000) options upon the Executive’s execution of this Agreement at or around the share price as of the date of execution of this Agreement as reasonably determined by the Company’s Board, such options to vest as follows: Twenty-Five Percent (25%) at the end of the first year of this Agreement, Twenty-Five Percent (25%) at the end of the second year of this Agreement, and Fifty Percent (50%) at the end of the third year of this Agreement, and in accordance with the provisions of the Company’s employee stock option plan(s). The remaining Six Hundred Fifty Thousand (650,000) shares shall be granted upon approval by the Company’s shareholders of an expansion of the 2005 Employee Stock Option Plan at or around the per share price at close of business on the date of the grant. In the event such stock price exceeds the exercise price of the original grant as of the date of execution of this agreement, the number of shares subject to stock options shall be increased by multiplying by a fraction, (i) the numerator of which shall be the closing price per share on the date of grant of the subsequent options, (ii) the denominator of which shall be the exercise price of the original option grant as of the date of execution of this agreement. In the event the Executive is terminated other than for Cause by the Company, resigns for Good Reason, or the Company undergoes a Change of Control, Executive shall be entitled to receive the remaining options of the Initial Stock Options at the time of termination or resignation, or as soon thereafter as is practical; and shall vest in all Initial Stock Options as of the date of termination or resignation, or the date of issuance, whichever is later.
Initial Stock Options. Subject to approval by the Company's Board of Directors, you will be granted an initial stock option to purchase 800,000 shares of the Company's Common Stock ("Option") on the following terms.
Initial Stock Options. In consideration for entering into this Employment Agreement, the Holding Company hereby grants the Executive options to purchase 225,000 shares of the common stock of the Holding Company (the “Initial Stock Options”) with a strike price equal to the closing price of the common stock of the Holding Company on the date of execution of this Agreement, rounded to the closest quarter points up (0.25); provided, however, that the strike price shall not be less than $3.00. The aforementioned grant of the Initial Stock Options shall be subject to all the applicable terms and conditions of the Company’s Stock Option Plan, which are incorporated by reference herein. The Initial Stock Options shall be subject to a five-year vesting schedule (20% of the Initial Stock Options shall vest each year on each anniversary of the Executive’s employment hereunder). However, in the event of a change in control, all options become fully vested.
Initial Stock Options. Upon the execution of this Agreement, Executive shall be granted incentive stock options for a total of 1,000,000 shares of the common stock of Phoenix Healthcare Corporation, Inc. (the "Parent"), the parent company of the Corporation, under Phoenix Healthcare Corporation's Stock Option Plan (the "Initial Stock Options"). This grant is effective as of the date of this Agreement (or the date of grant under the plan, if later). The 1,000,000 shares will become fully vested upon execution of this Agreement. The Initial Stock Options shall become exercisable as described in the attached Exhibit B and provided that the Executive is employed by the Corporation on each such anniversary date.
