- 8 -
particular stock options, continued employment with IMED was a
requirement. The document also includes the provision that the
fair market value was "none" and there were no amounts currently
paid in.
The 1979 options provided that the optionee could exercise
the options "in 20% increments through the fifth-year end
anniversary hereof, so long as he is, at such anniversary date,
still an employee or consultant to IMED". The 1979 options also
contained the following vesting schedule:
Percentage of
Shares Underlying Earliest Date Upon Last Date Upon
the Options That Which Optionee May Which Optionee
May Be Exercised Exercise May Exercise
20 Dec. 31, 1979 June 30, 1984
40 Dec. 31, 1980 June 30, 1984
60 Dec. 31, 1981 June 30, 1984
80 Dec. 31, 1982 June 30, 1984
100 Dec. 31, 1983 June 30, 1984
The 1979 options were transferable, subject to the vesting
provisions, only to persons approved by the board as "qualified
offerees". The approval of the board was stated to be contingent
on the receipt of a favorable opinion of counsel and could be
refused if the transfer would require registration under section
5 of the Securities Act of 1933, ch. 38, 48 Stat. 74, 77, as
amended, 15 U.S.C. sec. 77a (1988).
Simultaneously with his signing of the section 83(b)
election for the 1979 options, Henry was provided with a copy of
a letter from IMED.
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011