Management Option Plan. As soon as reasonably possible following the Closing, the Company agrees to establish an option plan for the purpose of granting options to members of the Company’s management, including options to acquire 7,000 shares of Class A Common Stock to be granted to individuals designated by the Company’s Board of Directors following the Closing.
Management Option Plan. The Company shall, within six (6) months of the Effective Date, implement a plan (the "Management Option Plan"), to grant to certain of its officers, share options to purchase a maximum aggregate number of Shares representing up to five percent (5%) of the outstanding Shares of the Company. The exercise price per Share of any such share options shall be equal to or higher than the Original Purchase Price. The terms and conditions of the Management Option Plan shall be determined by the Compensation and Employment Committee in accordance with Section 6.12.
Management Option Plan. The Board of Directors of the Company will have adopted the Management Option Plan in the form set forth on Exhibit G hereto, subject to the approval of the shareholders of the Company, and will have authorized, subject to the approval of the shareholders of the Company, (i) the reissuance of all existing options under the Management Option Plan and (ii) the issuance of new options as set forth in Exhibit H hereto.
Management Option Plan. Notwithstanding the foregoing or anything to the contrary herein, the provisions of Sections 4 and 5 shall not apply to the issuance of options under a management option plan (the “Management Option Plan”), provided that: (i) the total Company equity available for issuance under the Management Option Plan will be 14,706 shares of Common Stock, equivalent to 12.5% ownership of the Company, on a fully diluted basis following Closing (as defined in the Purchase Agreement); (ii) the exercise price per share for any options issued under the Management Option Plan will be equal to or greater than the price per share paid by EnerTech under the Purchase Agreement; and (iii) the option pool under the Management Option Plan shall not be increased without EnerTech’s written consent.
Management Option Plan. Notwithstanding the foregoing or anything to the contrary herein, the provisions of Section 2 shall not apply to the issuance of options under a management option plan (the “Management Option Plan”), provided that: (i) the total Company equity available for issuance under the Management Option Plan will be a number of shares of Stock which shall not exceed 8% of the issued and outstanding shares of Stock of the Company on a fully diluted basis (i.e., assuming conversion rights of all then currently issued and outstanding shares of Stock and exercise of all then currently issued and outstanding options and warrants to purchase shares of Stock); and (ii) the option pool under the Management Option Plan shall not be increased without Acorn Energy’s written consent. Any options issued under the Management Option Plan shall vest in accordance with the terms of Section 6.2.
Management Option Plan. Consistent with Section 9(i) of the Purchase Agreement, the Founders, the Lender and the Company had anticipated the establishment of a Management Option Plan for shares of Common Stock on a Fully Diluted Basis (the "Approved Plan"). The Approved Plan was to be used, in the discretion of the Board of Directors of the Company (by majority vote), for issuance of stock grants to management personnel (whether employees, consultants, management companies or otherwise) as an incentive to such individuals to perform services on behalf of the Company and its subsidiaries and affiliates. The Parties hereby acknowledge that in August, 1998, the Board of Directors of the Company authorized and approved a grant of stock options as to 90 shares of Common Stock of the Company to Stevx Xxxxxxxx, Xxesident of the Company, on the terms set forth on Exhibit C-1 hereto (the "Loglxxxx Xxxion Grant"). The Parties hereby ratify and approve the Loglxxxx Xxxion Grant. In addition, the Board of Directors of the Company hereby authorizes and approves grants of stock options for an aggregate of 600 additional shares of Common Stock of the Company (the "Additional Option Grant") to Kerrx Xxxxxx, Xxck Xxxxxxx, Xxucx Xxxx xxx Robexx Xxxxxxxx xx the terms set forth on Exhibits C-2, C-3, C-4 and C-5 hereto, as applicable, on the basis of a Company valuation of $10,000,000 as more fully described on such Exhibits (the Additional Option Grant, together with the Loglxxxx Xxxion Grant, are hereinafter referred to as the "Option Grants"). Further, the Company hereby covenants and agrees to promptly present to the Board of Directors of the Company, for review and approval (by a majority vote), a standard stock option plan which would encompass the Stock Grants and potential future stock grants thereunder.
Management Option Plan. As soon as practicable after the Closing, Purchaser shall use its best efforts to effect and approve, including by submission of vote to its stockholders, a management option plan of 1,000,000 shares of Pace Common Stock (the “Management Option Plan”). In addition, the Company Stockholders shall receive options to purchase an aggregate of 250,000 shares of Pace Common Stock in the amounts set forth in Section 2.4(e) of the Company Disclosure Schedule, in exchange for the existing options, held by each of the Company Stockholders, to purchase shares of common stock of the Company, which shall be cancelled at Closing. The Company Stockholders shall incur no out-of-pocket expenses relating to the exercise of options under the Management Option Plan, other than the payment of their respective exercise price to the Purchaser.
