Initial Stock Option. On the Effective Date, the Company will grant Employee a stock option (“Stock Option”) to purchase Two Hundred Thousand (200,000) shares of Common Stock of the Company in accordance with the terms of the Company’s 2017 Omnibus Incentive Plan (the “Plan”) on the terms to be set forth in an Option Award Agreement. (ii)
Initial Stock Option. On the Effective Date, the Employee shall -------------------- be granted a compensatory stock option for 30,000 shares of the Company's Common Stock at an exercise price per share of $2.00 for the first 30,000 shares (the "Initial Option"). The Initial Option shall be vested as to the first 7,500 shares on the Effective Date. As to the remaining 22,500 shares, and provided the Employee continues to be engaged under this Agreement on each of the vesting dates, the remainder of the Initial Option shall vest in the following manner: 7,500 shares on the one year anniversary of the Effective Date (June 6, 2001), and thereafter 1/24 of the remaining shares subject to the Initial Option each month the Employee continues to be engaged under this Agreement. The Initial Option shall be fully vested on the third anniversary of the Effective Date. The Initial Option cannot be transferred by the Employee except in the event of her death, and must be exercised by the Employee (or in the event of her death, by her estate or such other designee) within ten (10) years from the Effective Date or if Employee's employment terminates before that date, within the later of: (a) ninety (90) days following termination of the Employee's engagement under this Agreement for any or no reason and (b) ninety (90) days following the date that the shares subject to the options are freely tradable by Employee on a public market. Forms of permissible consideration to purchase the shares of common stock on exercise of the Initial Option shall be cash, cashless exercise (also called net zero transaction), recourse promissory note and such other forms of consideration with which other executives have or are given the opportunity to purchase shares. In the event that the number of outstanding shares of the Company's common stock is changed by a stock dividend, recapitalization, stock split or similar change in the capital structure of the Company without consideration, then the number of shares (and exercise price) subject to the Initial Option will be proportionately adjusted.
Initial Stock Option. In addition to the options granted to Executive under the Interim CEO Contract, the Executive will be granted additional stock options under the Equity Incentive Plan exercisable for the purchase of shares of the Company’s Common Stock (“Share”) representing 5% of the Company’s Fully Diluted Equity (the “Initial Stock Options”). The Initial Stock Options will vest over a four-year period as follows: (i) 25% vesting on the first anniversary of the Commencement Date; and (ii) 75% vesting in equal monthly installments over the following 36 months. The Executive will be granted additional stock options upon completion of the Series C if completed as an up round at $1.15 per share to maintain her Fully Diluted Equity position at a minimum of 5%. Notwithstanding the above, if the Executive’s performance exceeds expectation, but does not reach the specified share price hurdle noted above, the Board will not unreasonably withhold the additional stock options grant to maintain her Fully Diluted Equity position at a minimum of 5%. Notwithstanding anything to the contrary, the Executive shall be entitled to the immediate vesting of any unvested Shares subject to the Initial Stock Options if the Company undergoes a Change of Control and the Executive is still actively employed by the Company on the closing of such Change of Control.
Initial Stock Option. The stock option granted to you on May 10, 2018, covering 321,000 shares of Company common stock as of the grant date (on a pre-split basis) (the “Initial Option”), shall remain outstanding, and shall continue to vest pursuant to the terms of the applicable Option Grant Notice and Agreement between you and the Company. In addition, in the event of a Change in Control (as defined in the Company’s 2018 Incentive Award Plan, as may be amended from time to time), the Initial Option will vest with respect to one-hundred percent (100%) of the shares subject thereto as of immediately prior to the Change in Control, subject to your continued service to the Company through the closing of such Change in Control.
Initial Stock Option. On the Effective Date of this Agreement (the "Date of Grant"), Company shall grant to Executive an option (the "Initial Option") to purchase 175,000 shares of Company's common stock ("Stock") pursuant to The Marine Drilling 1992 Long Term Incentive Plan, as amended (the "Plan"). The purchase price for each share of Stock subject to the Initial Option shall be $18.125 per share. Subject to the terms of the Plan and the agreement to be executed by Company and Executive evidencing the Initial Option, the Initial Option shall (i) have a term of 10 years (which term shall begin on the Date of Grant), (ii) vest and become exercisable with respect to (A) 25 % of the shares covered thereby on the first anniversary of the Date of Grant, (B) an additional 25 % of the shares covered thereby on the second anniversary of the Date of Grant, (C) an additional 25% of the shares covered thereby on the third anniversary of the Date of Grant, and (D) an additional 25% of the shares covered thereby on the fourth anniversary of the Date of Grant, and (iii) become vested and fully exercisable by Executive upon the occurrence of a "Change in Control" (as such term is defined in the Plan) while Executive is employed by Company.
Initial Stock Option. The stock options granted to you on May 31, 2017 and November 30, 2017, covering 175,000 and 35,000 shares of Company common stock as of the applicable grant date (on a pre-split basis), respectively (together, the “Initial Options”), shall each remain outstanding, and each shall continue to vest pursuant to the terms of the applicable Option Grant Notices and Agreements between you and the Company. In addition, in the event of a Change in Control (as defined in the Company’s 2018 Incentive Award Plan, as may be amended from time to time), the Initial Options will vest with respect to one-hundred percent (100%) of the shares subject thereto as of immediately prior to the Change in Control, subject to your continued service to the Company through the closing of such Change in Control.
Initial Stock Option. At the first meeting of the Compensation Committee following the Start Date, the Company will recommend that Executive be granted a stock option to purchase shares of the Company’s common stock having an aggregate grant date fair value of approximately $600,000 (the “Initial Option”). The Initial Option shall have an exercise price no less than 100% of the per share fair market value of the Company’s common stock on the date of grant. The Company will recommend that, subject to the accelerated vesting provisions set forth herein, the shares subject to the Initial Option be scheduled to vest in forty-eight (48) approximately equal monthly installments, subject to Executive’s continued service with the Company through each vesting date, with the first vesting date occurring on the one (1)-month anniversary of Executive’s ninety-first (91st) day of employment with the Company. The Initial Option will be subject to the terms, definitions and provisions of the Company’s 2014 Equity Incentive Plan and a stock option agreement by and between Executive and the Company, which will control the Initial Option grant, and both of which documents are incorporated herein by reference.
Initial Stock Option. On January 4, 1999, Company shall grant to Executive an option (the “Initial Option”) to purchase 200,000 shares of Company’s common stock (“Common Stock”). Such Initial Options will be issued outside of Company’s 1997 Incentive Plan. The purchase price for each share of stock subject to the Initial Option shall be equal to the Fair Market Value (the mean of the highest and lowest sales price per share of the Common Stock on the applicable date) of a share of Common Stock as of January 4, 1999. The Initial Stock Option shall (i) be a nonqualified stock option, (ii) have a ten-year term, (iii) become exercisable cumulatively in 33 1/3% increments beginning January 1, 1999 and at each of January 1, 2000 and January 1, 2001.
Initial Stock Option. Upon execution of this Agreement, Executive will be granted an option to purchase 550,000 shares of Company common stock at a price per share equal to the fair market value thereof on the date of grant by the Compensation Committee of the Board of Directors (the “Committee”). Such option shall be subject to the terms and conditions of the Company’s 2009 Equity Incentive Plan (the “Plan”) and the applicable standard form of option agreement thereunder.
Initial Stock Option. As of the commencement of this agreement, and subject to the unanimous written consent (“Consent”) of the Board of Directors of the Company Executive shall be granted a stock option (the “Stand Alone Stock Option”) to purchase a total of 900,000 shares of the Company’s common stock with a per share exercise price equal to the fair market value of the Company’s common stock as of the date of said Board’s Consent. The Stand Alone Stock Option shall be for a term of ten (10) years (or shorter upon termination of employment relationship with the Company) and shall vest as follows: twenty-five percent (25%) of the shares subject to the Stand Alone Stock Option shall vest twelve (12) months after the commencement of the Employment Period and one thirty sixth (1/36th) of the remaining shares subject to the Stand Alone Stock Option shall vest each month thereafter at the end of the month, so as to be one hundred percent (100%) vested on the four (4) year anniversary of the commencement of the Employment Period, conditioned upon Executive’s continued employment with the Company as of each vesting date. Except as specified otherwise herein, the Stand Alone Stock Option is in all respects subject to the terms, definitions and provisions of the Company’s standard form of stock option agreement (the “Option Agreement”).
