Employment Options. Should the College foresee the need to retrench faculty positions, the following options shall be available to the faculty members identified for separation and who, in the determination of the College, can acquire in the allowable time the additional education necessary to meet the credentialing requirements for identified and available teaching positions.
Employment Options. Upon becoming eligible for retirement, faculty may continue to work full-time; fully retire or choose partial retirement. Written notice shall be submitted to the Academic Xxxx no later than October 1st of the academic year preceding the year in which the retirement will begin. When notice of partial retirement is given, the faculty member must specify the number of courses s/he will teach.
Employment Options a. The name of a laid off Bargaining Unit Member shall be placed on the layoff list for the appropriate job classification for sixteen (16) months. When a position becomes available, the position shall be offered to all persons on the layoff list within that job classification individually, beginning with the most senior and working to the least senior. The position shall be considered filled when the most senior available Bargaining Unit Member accepts the position. Refusal of such an offer shall constitute resignation in good standing from the classified service, or, if such refusal is made by a Bargaining Unit Member currently employed in another capacity in the classified service, shall cancel all layoff rights to the class from which laid off.
Employment Options. Employee shall continue vesting options granted under a 1998 Option Agreement.
Employment Options. The Employee shall be granted employment options. Each option shall expire on December 31, 2005. Each option, upon exercise, shall require the option holder to pay to SB a price equivalent to the original price of each share of common stock issued by SB at the time of its formation. It is anticipated that the price will be $14.00 per share, therefore, $14.00 per option. Options shall be granted to the Employee in accordance with the following schedule: December 16, 1998 20,000 December 16, 1999 5,000 December 16, 2000 5,000 The total number of options issued in accordance with this provision shall equal 30,000. All options shall be vested in the Employee on the date that said options are granted. All options allocated in the aforementioned schedule shall issue to the Employee in the event of termination of employment, without cause.
Employment Options. On the Commencement Date Employee will receive options to purchase 6,750,000 common shares of the Employer as employment options. Such options will vest at the rate of 187,500 options per month for 36 months.
Employment Options. The Employee shall be granted incentive employment options. Each option shall expire on September 30, 2005. Each option, upon exercise, shall require the option holder to pay to VFCB a price equivalent to the original price of each share of common stock issued by VFCB at the time of its formation. Incentive options shall be granted to the Employee in accordance with the following schedule: September 30, 1997 2,000 options September 30, 1998 2,000 options September 30, 1999 2,000 options September 30, 2000 2,000 options September 30, 2001 12,000 options The total number of incentive options issued in accordance with this provision shall equal 20,000 provided that the Employee retains employment with the Employer and provided further that all options are issued in accordance with the options grant previously adopted. All options shall be vested in the Employee at the date that said options are granted. Optionholder may assign these rights to a trust for the benefit of himself and other beneficiaries only. In the event that VFCB is sold to a controlling third party, then, all options proposed herein shall be immediately vested. Controlling third party is defined in the standard E.S.I. Agreement.
Employment Options. In addition to your Base Salary compensation, upon your commencement of full-time employment, you will receive stock options pursuant to the 1999 Company Stock Option Plan for <#> shares of the Common Stock which, assuming your continued employment by the Company, shall vest as follows: <#> shares shall fully vest on the one year anniversary of your initial date of hire as an employee; an additional <#> options of the Stock shall fully vest quarterly thereafter, such that your option for <#> shares shall have fully vested within four years after the date of him. The option grant is also contingent on your conversion to full-time employment by or other mutually agreed upon date. The exercise price shall be the fair market value for the stock at the date of grant pending Board approval.
Employment Options. The Employee has been granted employment options. Each option shall expire on October 1, 2005. Each option, upon exercise, shall require the option holder to pay to the Corporation a price equivalent to the original price of each share of common stock that price being $14.00 per share. Options have been granted to the Employee in accordance with the following schedule: September 1, 1995 20,000 options September 1, 1996 5,000 options September 1, 1997 5,000 options September 1, 1998 5,000 options September 1, 1999 5,000 options The total number of options issued in accordance with this provision shall equal 40,000. All options are vested as of September 1, 1995, but subject to a right of repurchase owing to the Corporation. In the event of termination of employment, the Corporation may repurchase those options set forth in the aforementioned schedule which have not matured, for a price of $.10 per option. On and after the date set forth above, the right of repurchase expires. As of the date of this agreement the right of repurchase has expired for all options through September 1, 1997. 5 The allocation of the foregoing options are to be non-dilutive to the recipient, therefore, in the event of a stock split, stock dividend or other reallocation of relative value per share, the number of options shall be adjusted so that the same pro rata portion of allocated options to total stock is maintained at the same relative value. This provision does not create a right to additional options in the event that the Corporation issues additional shares in exchange for additional contributions to capital. It is acknowledged and agreed that the Employee has received 30,000 options in accordance with his employment responsibilities with Valley First Community Bank. He shall be entitled to 30,000 options for each additional bank developed on behalf of the Corporation. Said options shall serve as partial compensation for his duties as an officer of the bank.
Employment Options. Promptly following the Effective Date, the Company shall grant to Executive stock options (the "Employment Options"), pursuant to the Company's 2005 Stock Option Plan, to purchase Four Hundred Forty Thousand shares of common stock of the Company, par value $0.0001 per share (the "Common Stock"), representing two percent (2%) of the outstanding Common Stock on a fully diluted basis as of the date hereof, at an exercise price equal to the price per share of Common Stock on the Commencement Date as quoted on the Over the Counter Bulletin Board. Subject to the Executive’s continued employment the Employment Options shall vest and become exercisable, if at all, as follows:
