Stock Option Grants. 100,000 qualified stock options (the "Initial Options") shall be granted to Executive under SEC rule 701 and pursuant to the Company's stock option plan upon 4 commencement of the Engagement Term. Such options will have an exercise price equal to fair market value per share on the date of grant and will vest annually in equal amounts over a period of four (4) years, with 25,000 shares vesting on each one-year anniversary of the date of grant. The option agreement will include (i) a Change of Con
...trol provision whereby as of immediately prior to a Change of Control of the Company, all of the stock options will vest and become fully exercisable and a termination provision whereby in the event Executive's engagement is terminated voluntarily or for Cause by the Company, the unvested stock options will expire forthwith but if such engagement is terminated for any other reason (except death or Disability), the options may not be exercised at any time later than six (6) months after such termination of Executive's engagement. If Executive's engagement is terminated by death or disability, the options may be exercised within a period of one (1) year after such termination.
View More
Stock Option Grants.
100,000 1,000,000 qualified stock options (the "Initial Options") shall be granted to Executive under SEC rule 701 and pursuant to the Company's stock option plan upon
4 commencement of the Engagement Term. Such options will have an exercise price equal to fair market value per share on the date of grant and will vest annually in equal amounts over a period of four (4) years, with
25,000 250,000 shares vesting on each one-year anniversary of the date of grant. The option agreement will include (
...i) a Change of Control provision whereby as of immediately prior to a Change of Control of the Company, all of the stock options will vest and become fully exercisable and (ii) a termination provision whereby in the event Executive's engagement is terminated voluntarily or for Cause by the Company, the unvested stock options will expire forthwith but (iii) if such engagement is terminated for any other reason (except death or Disability), the options may not be exercised at any time later than six (6) months after such termination of Executive's engagement. If Executive's engagement is terminated by death or disability, Disability, the options may be exercised within a period of one (1) year after such termination. 3 7. Realization Bonus. In addition to the Bonus payable under Section 5 hereof, Executive shall be entitled to the following bonus event: (a) In the event that prior to the Expiration Date, for a period of 90 consecutive trading days, the market price of the Company's common stock is $6.25 per share (as adjusted for stock dividends, stock splits, recapitalizations and the like) or more and the value of the Company's common stock daily trading volume is $625,000 or more, the Company shall pay or issue Executive a bonus in an amount of $2,000,000, which shall be payable by the Company in either cash or SEC registered common stock, or a combination thereof, as mutually agreed upon between Executive and the Company. Any stock portion of such Realization Bonus may be deferred at Executive's discretion.
View More
Stock Option Grants.
100,000 250 qualified stock options (the "Initial Options") shall be granted to Executive under SEC rule 701 and pursuant to the Company's stock option plan upon
4 commencement of the Engagement Term. Such options will have an exercise price equal to fair market value per share on the date of grant and will vest annually in equal amounts over a period of
four (4) three (3) years, with
25,000 83.33 shares vesting on each one-year anniversary of the date of grant. The option agreement will include
... (i) a Change of Control provision whereby as of immediately prior to a Change of Control of the Company, all of the stock options will vest and become fully exercisable and (ii) a termination provision whereby in the event Executive's engagement is terminated voluntarily or for Cause by the Company, the unvested stock options will expire forthwith but (iii) if such engagement is terminated for any other reason (except death or Disability), the options may not be exercised at any time later than six (6) months after such termination of Executive's engagement. If Executive's engagement is terminated by death or disability, Disability, the options may be exercised within a period of one (1) year after such termination. 3 7. Benefits. Executive shall participate in all employee welfare and benefit plans and shall receive such other fringe benefits as the Company offers to its senior executives and directors. Until such time that the Company implements an employee health insurance plan, the Company agrees to reimburse Executive for all COBRA payments he makes to maintain health insurance coverage for himself and his family. In addition, Executive shall be entitled to a car lease allowance from the Company during the Engagement Term of up to $750 per month.
View More
Stock Option Grants. 100,000 qualified stock options (the "Initial Options") shall be granted to Executive under SEC rule 701 and pursuant to the Company's stock option plan upon 4 commencement of the Engagement Term. Such options will have an exercise price equal to fair market value per share on the date of grant and will vest annually in equal amounts over a period of four (4) years, with 25,000 shares vesting on each one-year anniversary of the date of grant.
The option agreement will include (i) a Change of Con...trol provision whereby as of immediately prior to a Change of Control of the Company, all of the stock options will vest and become fully exercisable and a termination provision whereby in the event Executive's engagement is terminated voluntarily or for Cause by the Company, the unvested stock options will expire forthwith but if such engagement is terminated for any other reason (except death or Disability), the options may not be exercised at any time later than six (6) months after such termination of Executive's engagement. If Executive's engagement is terminated by death or disability, the options may be exercised within a period of one (1) year after such termination.
View More
Stock Option Grants. 100,000 qualified stock options (the "Initial Options") shall be granted to Executive under SEC rule 701 and pursuant to the Company's stock option plan upon
4 commencement of the Engagement Term. Such options will have an exercise price equal to fair market value per share on the date of grant and will vest annually in equal amounts over a period of
four (4) three (3) years, with
25,000 33,333.33 shares vesting on each one-year anniversary of the date of grant. The option agreement will include
... (i) a Change of Control provision whereby as of immediately prior to a Change of Control of the Company, all of the stock options will vest and become fully exercisable and a termination provision whereby in the event Executive's engagement is terminated voluntarily or for Cause by the Company, the unvested stock options will expire forthwith but if such engagement is terminated for any other reason (except death or Disability), the options may not be exercised at any time later than six (6) months after such termination of Executive's engagement. If Executive's engagement is terminated by death or disability, Disability, the options may be exercised within a period of one (1) year after such termination.
View More
