North Dakota Nonqualified Stock Option Agreement of Orion Network Systems, Inc.

• Category: Corporations - Public - Stock Options
• State: Multi-State
• Control #: US-CC-18-364B
• Format: Word; Rich Text

Description

18-364B 18-364B . . . Stock Option Agreement under which corporation grants to optionee a Non-qualified Option to acquire 50,000 shares of stock immediately and an additional 50,000 shares upon successful completion of a Notes offering and the refinancing of the corporation's obligations under a Credit Agreement The North Dakota Nonqualified Stock Option Agreement of Orion Network Systems, Inc. is a legal document that outlines the terms and conditions under which employees of the company are granted nonqualified stock options. These options provide employees with the opportunity to purchase company stock at a predetermined price, known as the exercise price, within a specified timeframe. The agreement is specifically tailored to comply with North Dakota state laws and regulations governing stock options. It serves as a contract between Orion Network Systems, Inc. and the employee, establishing the rights and responsibilities of both parties. Key provisions typically found in the North Dakota Nonqualified Stock Option Agreement include: 1. Grant of Options: This section outlines the number of stock options being granted to the employee and specifies the date on which they are awarded. 2. Exercise Price: The agreement sets forth the exercise price of the stock options, which is typically determined based on the fair market value of the company's stock at the time of grant. 3. Vesting Schedule: The agreement specifies the vesting schedule, which is the timeline or conditions under which the stock options become exercisable. This may include a gradual vesting period or achievement of certain performance milestones. 4. Exercise Period: The agreement establishes the duration during which the stock options may be exercised. It often sets a specific expiration date, after which the options are no longer valid. 5. Termination of Employment: The agreement addresses what happens to the employee's stock options in the event of termination or resignation. It may outline provisions for immediate vesting or a partial acceleration of vesting under certain circumstances. 6. Non-Transferability: Generally, the agreement prohibits the employee from transferring or assigning their stock options to any third party. It ensures that the options are personal to the employee and cannot be traded or sold. Different types of North Dakota Nonqualified Stock Option Agreements offered by Orion Network Systems, Inc. may vary in terms of the vesting schedule, exercise price, and eligibility criteria. For example, there may be agreements specifically tailored for executives or employees at different levels within the company. These variations aim to align with the company's compensation strategy and individual employee circumstances. It is crucial to consult with legal and financial professionals to ensure compliance with North Dakota state laws and to understand the specific terms and conditions of each agreement before entering into any stock option agreement with Orion Network Systems, Inc.

The North Dakota Nonqualified Stock Option Agreement of Orion Network Systems, Inc. is a legal document that outlines the terms and conditions under which employees of the company are granted nonqualified stock options. These options provide employees with the opportunity to purchase company stock at a predetermined price, known as the exercise price, within a specified timeframe. The agreement is specifically tailored to comply with North Dakota state laws and regulations governing stock options. It serves as a contract between Orion Network Systems, Inc. and the employee, establishing the rights and responsibilities of both parties. Key provisions typically found in the North Dakota Nonqualified Stock Option Agreement include: 1. Grant of Options: This section outlines the number of stock options being granted to the employee and specifies the date on which they are awarded. 2. Exercise Price: The agreement sets forth the exercise price of the stock options, which is typically determined based on the fair market value of the company's stock at the time of grant. 3. Vesting Schedule: The agreement specifies the vesting schedule, which is the timeline or conditions under which the stock options become exercisable. This may include a gradual vesting period or achievement of certain performance milestones. 4. Exercise Period: The agreement establishes the duration during which the stock options may be exercised. It often sets a specific expiration date, after which the options are no longer valid. 5. Termination of Employment: The agreement addresses what happens to the employee's stock options in the event of termination or resignation. It may outline provisions for immediate vesting or a partial acceleration of vesting under certain circumstances. 6. Non-Transferability: Generally, the agreement prohibits the employee from transferring or assigning their stock options to any third party. It ensures that the options are personal to the employee and cannot be traded or sold. Different types of North Dakota Nonqualified Stock Option Agreements offered by Orion Network Systems, Inc. may vary in terms of the vesting schedule, exercise price, and eligibility criteria. For example, there may be agreements specifically tailored for executives or employees at different levels within the company. These variations aim to align with the company's compensation strategy and individual employee circumstances. It is crucial to consult with legal and financial professionals to ensure compliance with North Dakota state laws and to understand the specific terms and conditions of each agreement before entering into any stock option agreement with Orion Network Systems, Inc.