Additional Option. In addition to salary, bonus and options described in the Agreement, Employee is hereby awarded an option to acquire 100,000 shares ("Additional Option Shares") of Company common stock under the Stock Option Plan, at an exercise price of $0.75 per share. The Additional Option Shares shall become exercisable in 1/3 increments on the first, second and third anniversaries of the date on which Employee becomes President of the Company (by way of example, if Employee became President of the Company on May 12, 1999, 33,333 Additional Option Shares would become exercisable on May 11, 2000, 33,334 Additional Option Shares would become exercisable on May 11, 2001, and the remaining 33,333 Additional Option Shares would become exercisable on May 11, 2002). The Additional Option Shares shall become immediately exercisable upon the occurrence of certain events described in sections 7 and 8 of this Agreement. An agreement shall be prepared providing for other terms and conditions regarding the Option Shares that are typical of other executives option agreements, and this option agreement shall also provide for anti-dilution in the event that shares of Company stock are issued in settlement of any lawsuit pending against the Company. D. This amendment shall become effective as soon as Employee becomes President of the Company. E. Other than as stated in this Amendment, the Agreement shall remain in full force and effect.
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Sources: Employment Agreement (Proctor David)
Additional Option. In addition to salary, bonus and options described in the Agreement, Employee is hereby awarded an option to acquire 100,000 shares ("Additional Option Shares") of Company common stock under the Stock Option Plan, at an exercise price of $0.75 1.00 per share. The Additional Option Shares shall become exercisable in 1/3 increments on the first, second and third anniversaries of the date on which Employee becomes President of the Company (( by way of example, if Employee became President of the Company on May 12, 1999, 33,333 Additional Option Shares would become exercisable on May 11, 2000, 33,334 Additional Option Shares would become exercisable on May 11, 2001, and the remaining 33,333 Additional Option Shares would become exercisable on May 11, 2002). The Additional Option Shares shall become immediately exercisable upon the occurrence of certain events described in sections 7 and 8 of this Agreement. An agreement shall be prepared providing for other terms and conditions regarding the Option Shares that are typical of other executives option agreements, and this option agreement shall also provide for anti-dilution in the event that shares of Company stock are issued in settlement of any lawsuit pending against the Company.
D. This amendment shall become effective as soon as Employee becomes President of the Company.
E. Other than as stated in this Amendment, the Agreement shall remain in full force and effect.
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