Gevity HR 2002 Stock Incentive Plan Director Option Vesting Schedule and Award Letter
This letter from Gevity HR grants a director a non-qualified option to purchase company shares under the 2002 Stock Incentive Plan. It outlines the number of shares, exercise price, vesting schedule, and conditions for exercising the options, including time limits after termination of service or in cases of death or disability. The director must sign to acknowledge receipt and agreement to the plan's terms. The agreement is effective upon signature and is subject to the attached plan terms and conditions.
EXHIBIT 10.5
GEVITY HR600 301 Blvd. W.,
P.O. Drawer 25020
Bradenton, FL 34206
(941) 748-4540
Date: _________
Dear:________________
Pursuant to the terms and conditions of the company’s 2002 Stock Incentive Plan (the ‘Plan’), you have been granted a Non-Qualified Option to purchase ________shares (the ‘Option’) of common stock as outlined below.
Granted To:_____________________
Grant Date: ______________________
Options Granted:
Exercise Price per Share:_______________ Total Cost to Exercise:________________
Expiration Date:________________________
The Option Shares shall become vested in accordance with the following Vesting Schedule. All or a portion of the Option Shares may become vested on an earlier date as provided in the attached Terms and Conditions. Options cease to vest upon termination of service.
Vesting Schedule:_______________________
Option Period: Vested Options may be exercised on or before the last day of service and up 90 days following termination of service, but no later than the expiration date of the Options. If termination of service is due to Death or Disability, vested options may be exercised for up to 12 months after the optionee ceased to be a Board Member of the Company or Subsidiary. See attached Terms and Conditions for other limitations that may apply to exercising the Option.
By my signature below, I hereby acknowledge receipt of the Option granted on the date shown above, which has been issued to me under the terms and conditions of the Plan. I further acknowledge receipt of the copy of the Plan and agree to conform to all of the terms and conditions of the Option and the Plan.
Signature: ____________________________ Date: ________________
Keep the optionee statement and one copy of the award letter for your records. Please sign the extra copy of the award letter and return it to the Corporate Controller
Note: If there are any discrepancies in the name or address shown above, please
make the appropriate corrections on this form.
