KG,
The clause in Don's employment agreeement is:
(d) Stock Option. As of the Effective Date, the Executive shall
be granted an option under the Company's 1989 Equity Incentive Plan
(the "Plan") to purchase 600,000 shares of common stock of the Company
(with appropriate adjustments for stock splits, dividends and the
like) at an exercise price equal to the lower of (i) the fair market
value of the stock on the trading trade prior to the date on which the
Company announces by press release Executive's employment with the
Company, or (ii) the fair market value of the stock on the second
trading day following the date on which the Company announces by press
release its financial results for the fiscal quarter ended August 31,
1997. The option will become exercisable with respect to 150,000
shares on each of the first, second and third anniversaries of the
Effective Date and with respect to 75,000 shares on each of the fourth
and fifth anniversaries of the Effective Date. Once exercisable, the
option shall remain exercisable until the earlier of the tenth
anniversary of the Effective Date or, except as provided in Sections
5(a), (b), (d), (e), (f) and (g), 90 days following termination of the
Executive's employment with the Company.
Check the whole 10Q out at:
freeedgar.com
This agreement first appeared in the 10Q for the Quarter ending August 31st, 1997. |
