Term and Vesting of Option. The term of the Option shall be for a period of five (5) years (the "Term") from the date of this Agreement and, subject to the terms and provisions hereof, the Option shall be fully vested and may be exercised in whole or in part with respect to all or any portion of the shares to which it related.
Term and Vesting of Option. The Option shall expire (the "Expiration Date") upon the earlier to occur of: (a) the close of business on the tenth anniversary of the date hereof or (b) one (1) year after the date on which the Optionee is no longer a director of the Company. Prior to the Expiration Date, the Optionee shall be entitled to exercise the Option as to all or any part of the Option Shares for which the Option may be exercised at any time after (i) the first anniversary of the date hereof for one-third of the total number of Option Shares if the Optionee is then a director of the Company, (ii) the second anniversary of the date hereof for one-third of the total number of Option Shares if the Optionee is then a director of the Company, and (iii) the third anniversary of the date hereof for one-third of the total number of Option Shares if the Optionee is then a director of the Company; provided, however, in the event of the sale of all or substantially all of the assets of the Company or a merger, consolidation or other reorganization of the Company in which the shareholders of the Company immediately prior to such merger, consolidation or reorganization constitute less than eighty percent (80%) of the voting power of the surviving corporation, all of the Option Shares shall be exercisable upon the occurrence of such event. Notwithstanding the foregoing, the Option may in no event be exercised by anyone to any extent in the event of a voluntary dissolution, liquidation or winding up of the affairs of the Company, after the close of business on the later of (i) the date of the twentieth day after the mailing of written notice of such dissolution, liquidation or winding up, and (ii) the record date for determination of holders of Common Stock entitled to participate therein.
Term and Vesting of Option. Except as otherwise provided in Section IV, the Option shall have a term of ten (10) years from July 1, 2005 until July 1, 2015 and shall vest in accordance with the provisions of Section IV hereof and the vesting schedule set forth on the signature page hereof.
Term and Vesting of Option. Subject to the terms of this Agreement, the Option shall expire five years from the date of this Agreement and may be exercised at any time from the date hereof until the expiration date for all or any portion of the Shares (in whole shares); provided, however, that if the Option is partially exercised, it shall be done so in denominations of 25,000 Shares or more.
Term and Vesting of Option. The term of the Option shall be for the period set forth on the Notice, but in no event for more than ten (10) years (“Term”) from the date of this Agreement and, subject to the terms and provisions hereof and the Plan, the Option shall vest and Optionee may exercise the Option in accordance with the vesting schedule specified in the attached Notice and within the Term. Subject to the foregoing, the Option may be exercised in whole or in part with respect to all or any portion of the shares to which it relates.
Term and Vesting of Option. The Option shall be completely vested on the date hereof and shall expire (the "Expiration Date") upon the earlier to occur of: (a) the close of business on the tenth anniversary of the date hereof or (b) five (5) years after the date on which the Optionee is no longer employed by the Company. Notwithstanding the foregoing, the Option may in no event be exercised by anyone to any extent in the event of a voluntary dissolution, liquidation or winding up of the affairs of the Company, after the close of business on the later of (i) the date of the twentieth day after the mailing of written notice of such dissolution, liquidation or winding up, and (ii) the record date for determination of holders of Common Stock entitled to participate therein.
Term and Vesting of Option. Except as otherwise provided in Section IV, the Option shall have a term of ten (10) years from ___________, 200[ ] until ___________, 20[_] and shall vest in accordance with the vesting schedule set forth on the signature page hereof.
Term and Vesting of Option. Except as otherwise provided in Section IV, the Option shall have a term of ten (10) years from February 12, 2008 until February 12, 2018 and shall vest in accordance with the vesting schedule set forth on the signature page hereof.
Term and Vesting of Option. The term of the Option shall be for a period of ten (10) years from the date of this Agreement and, subject to the terms and provision hereof and the Plan, the Option shall vest and first become exercisable (subject to early exercise pursuant to Section 8.2 of the Plan and are exercisable at any time thereafter prior to termination or expiration as provided for by this Agreement and by the Plan) on the fifth anniversary of the Grant Date.
Term and Vesting of Option. The Option shall expire (the "Expiration Date") on the close of business on the tenth anniversary of the date hereof. Prior to the Expiration Date, the Optionee shall be entitled to exercise the Option as to all or any part of the Option Shares which have theretofore become vested. The Option Shares shall vest and become exercisable as follows: (1) 1,000,000 shares in the event the closing sales price of the Company's Common Stock during any five (5) consecutive trading days closes at or above $5.00 per share (adjusted for any stock dividends, stock splits or similar events after the date hereof); (2) 1,000,000 shares in the event the closing sales price of the Company's Common Stock during any five (5) consecutive trading days closes at or above $7.00 per share (adjusted for any stock dividends, stock splits or similar events after the date hereof); and (3) 1,000,000 shares in the event the closing sales price of the Company's Common Stock during any five (5) consecutive trading days closes at or above $10.00 per share (adjusted for any stock dividends, stock splits or similar events after the date hereof); provided, however, in the event of (i) the sale of all or substantially all of the assets of the Company, or (ii) a merger, consolidation or other reorganization of the Company in which the shareholders of the Company immediately prior to such merger, consolidation or reorganization constitute less than fifty-one percent (51%) of the voting power of the surviving corporation, then all of the shares subject to the Option shall be vested and exercisable in full upon the occurrence of such event.
