|
|
 | | | |
- close
- close
- close
- close
| |||||||||
This excerpt taken from the LLTC DEF 14A filed Sep 23, 2008. Options. The 2005 Equity Incentive
Plan authorizes the granting to employees, including officers, of incentive
stock options within the meaning of Section 422 of the Code, and the granting to
employees, officers, directors and consultants of nonqualified stock options.
Incentive stock options may be granted only to employees, including employee
directors and officers. The 2005 Equity Incentive Plan provides that a
participant may not receive options for more than 5,000,000 shares in one fiscal
year, except in connection with his or her initial service as an employee, in
which case he or she may be granted options for an additional 5,000,000
shares.
The exercise price of an option is determined at the time the option is granted. In the case of an incentive stock option, the exercise price must be at least equal to the fair market value of the Company’s common stock on the date of grant, except that the exercise price of an incentive stock option granted to any person who owns more than 10% of the total voting power of all classes of the Company’s outstanding stock must be at least 110% of the fair market value of the common stock on the grant date. The exercise price of nonqualified stock options under the 2005 Equity Incentive Plan must also be at least equal to the fair market value of the Company’s common stock on the grant date. The 2005 Equity Incentive Plan permits options to be exercised with cash, check, other shares of the Company’s stock, consideration received by the Company under a “cashless exercise” program or certain other forms of consideration. Options granted under the 2005 Equity Incentive Plan generally vest at a rate of 1/10th of the shares subject to the option after each six-month period of continued service to the Company; however, the vesting schedule can vary on a grant-by-grant basis. The 2005 Equity Incentive Plan provides that vested options may be exercised for 3 months after any termination of employment and for up to 12 months after termination of employment as a result of death or disability. The Company may select alternative periods of time for exercise upon termination of service. The term of an option may not exceed ten years, except that, with respect to any person who owns more than 10% of the voting power of all classes of the Company’s outstanding capital stock, the term of an incentive stock option may not exceed five years. Currently, the Company generally grants options that have terms of seven years.
This excerpt taken from the LLTC DEF 14A filed Sep 26, 2007. Options. The 2005 Equity Incentive
Plan authorizes the granting to employees, including officers, of incentive
stock options within the meaning of Section 422 of the Code, and for the
granting to employees, officers, directors and consultants of nonqualified stock
options. Incentive stock options may be granted only to employees, including
employee directors and officers. The 2005 Equity Incentive Plan provides that a
participant may not receive options for more than 5,000,000 shares in one fiscal
year, except in connection with his or her initial service as an employee, in
which case he or she may be granted options for an additional 5,000,000
shares.
The exercise price of an option is determined at the time the option is granted. In the case of an incentive stock option, the exercise price must be at least equal to the fair market value of the Company's common stock on the date of grant, except that the exercise price of an incentive stock option granted to any person who owns more than 10% of the total voting power of all classes of the Company's outstanding stock must be at least 110% of the fair market value of the common stock on the grant date. The exercise price of nonqualified stock options under the 2005 Equity Incentive Plan must also be at least equal to the fair market value of the Company's common stock on the grant date. The 2005 Equity Incentive Plan permits options to be exercised with cash, check, other shares of the Company's stock, consideration received by the Company under a "cashless exercise" program or certain other forms of consideration. Options granted under the 2005 Equity Incentive Plan generally vest at a rate of 1/10th of the shares subject to the option after each six-month period of continued service to the Company; however, the vesting schedule can vary on a grant-by-grant basis. The 2005 Equity Incentive Plan provides that vested options may be exercised for 3 months after any termination of employment and for up to 12 months after termination of employment as a result of death or disability. The Company may select alternative periods of time for exercise upon termination of service. The term of an option may not exceed ten years, except that, with respect to any person who owns more than 10% of the voting power of all classes of the Company's outstanding capital stock, the term of an incentive stock option may not exceed five years. Currently, the Company generally grants options that have terms of seven years.
| EXCERPTS ON THIS PAGE:
|
| |||||||
