Home

Intelligence

Services

Subscriptions

News

About Us

Sign In

 

Document Preview

Director Option Agreement

 

Click "Add to Cart" button to purchase document. 
Documents are emailed immediately after purchase. 
You can also browse documents by
title, category, or company... or click here for help finding documents.

 

Title:

Director Option Agreement

Entities:

ABC Dispensing Technologies Inc

Date:

2000

Size:

Preview shows 3KB of 11KB total

Price:

$36

ID:

#1362632

 

 

► Miscellany ► Option ► Director Option Agreements

 

 

Start of Preview


<SEQUENCE>2

<FILENAME>0002.txt
<DESCRIPTION>DIRECTOR OPTION AGREEMENT
<TEXT>


DIRECTOR OPTION AGREEMENT


This Option Agreement, dated October ____, 1998, between ABC Dispensing
Technologies, Inc., a Florida corporation (the "Company") and [insert name of
director] (the "Director").

WHEREAS, as consideration of the Director's prior service as a director
of the Company to induce the Director to continue to serve as a member of the
Company's Board of Directors, the Company intends to grant to the Director
common stock purchase options that will vest only upon a Change of Control (as
defined in paragraph two (2) below),

NOW, THEREFORE, in consideration for Director's prior service as a
director of the Company and as an inducement to the Director to continue to
serve as a director of the Company, the Company and the Director hereby agree as
follows:

1. The Company hereby grants to the Director an option to
purchase 40,000 shares of the Company's Common Stock, par
value $.01 per share, subject to the provisions set forth
herein. The option price to be paid per share of common stock
upon exercise of such option shall be equal to the market
price per share on the date which is 90 days prior to the date
of the Change of Control. The option represented by this
Agreement shall only vest if the Director remains a director
of the Company at the time of the occurrence of a Change of
Control, if and whenever such Change in Control shall occur.
The option will not vest until the occurrence of a Change of
Control.


2. For purposes of this Agreement, a "Change of Control" shall
occur if (i) any person or group of persons (within the
meaning of Section 13 or Section 14 of the Securities Exchange
Act of 1934, as amended) shall acquire (other than directly
from the Company) beneficial ownership (within the meaning of
Rule 13d-3 promulgated by the Securities and Exchange
Commission under said Act) of 20% or more of the outstanding
shares of common stock of the Company, (ii) during any period
of 12 consecutive calendar months, individuals who were
directors of the Company on the first day of such period (or
who were appointed or nominated for election as directors of
the Company by at least a majority of the individuals who were
directors on the first day of such period or who were so
elected or appointed other than in connection with an actual
or threatened proxy contest) (the "Incumbent Board") shall

 

End of Preview

 

Home        Intelligence        Services        Subscriptions        News        About Us

Contact Us       Terms of Use       Resend Documents       Shopping Cart

Copyright © 2008 The Consus Group LLC