EVERI HOLDINGS INC. NOTICE OF GRANT OF STOCK OPTION
Exhibit 10.10
EVERI HOLDINGS INC.
NOTICE OF GRANT OF STOCK OPTION
Everi Holdings Inc. (the “Company”) has granted to the Participant an option (the “Option”) to purchase certain Shares pursuant to the Everi Holdings Inc. 2012 Equity Incentive Plan (the “Plan”), as follows:
| Participant: | ______________ | Award No.: _________________ | |
| Date of Grant: | _________, 2016 | ||
| Number of Option Shares: | ______________, subject to adjustment as provided by the Option Agreement. | ||
| Exercise Price per Share: | $_______ | ||
| Vesting Start Date: | _________, 2016 | ||
| Option Expiration Date: | The tenth anniversary of the Date of Grant | ||
| Tax Status of Option: | Nonstatutory Stock Option | ||
| Vested Shares: | Except as provided in the Option Agreement and provided the Participant’s Service has not terminated prior to the applicable date, the number of Vested Shares (disregarding any resulting fractional share) as of any date is determined by multiplying the Number of Option Shares by the “Vested Ratio” determined as of such date, as follows: | ||
| Vested Ratio | |||
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| Prior to first anniversary of Vesting Start Date | 0 | |
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| On first anniversary of Vesting Start Date (the “Initial Vesting Date”) | 1/4 | |
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| For each additional full year of the Participant’s Service from the Initial Vesting Date until the Vested Ratio equals 1/1, an additional | 1/4 | |
| Accelerated Vesting: | Notwithstanding any other provision contained in this Notice of Grant of Stock Option or the Option Agreement, the total Number of Option Shares shall become Vested Shares immediately prior to, but conditioned upon, the consummation of a Change in Control, provided that the Participant’s Service has not terminated prior to the date of the Change in Control. | ||
| Suspension of Vesting: | During any authorized leave of absence, the vesting of the Option as provided by this Grant Notice shall be suspended after the leave of absence exceeds a period of ninety (90) days. Vesting of the Option shall resume upon the Participant’s termination of the leave of absence and return to Service. The period of Service required for each subsequent tranche determined in accordance with the vesting schedule above shall be extended by the length of the suspension. Any extension of the vesting schedule shall not defer the Option Expiration Date. | ||
By their signatures below or by electronic acceptance or authentication in a form authorized by the Company, the Company and the Participant agree that the Option is governed by this Notice of Grant of Stock Option and by the provisions of the Option Agreement and the Plan, both of which are made a part of this document. The Participant acknowledges that copies of the Plan, the Option Agreement and the prospectus for the Plan are available on the Company’s internal web site and may be viewed and printed by the Participant for attachment to the Participant’s copy of this Notice of Grant of Stock Option. The Participant represents that the Participant has read and is familiar with the provisions of the Option Agreement and the Plan, and hereby accepts the Option subject to all of their terms and conditions.
| EVERI HOLDINGS INC. | PARTICIPANT | ||
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| By: |
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| Michael D. Rumbolz |
| Signature |
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| Chief Executive Officer |
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| Date | ||
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| Address: 7250 S. Tenaya Way, Suite 100 |
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| Las Vegas, NV 89113 | Address | ||
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ATTACHMENTS: 2012 Equity Incentive Plan, as amended to the Date of Grant; Stock Option Agreement; Exercise Notice; and Plan Prospectus
