Acceleration of Certain Stock Options. 4.1 In addition to the provisions of Section 3 above, upon a Qualifying Termination of Employee's employment, any and all ISOs theretofore
Acceleration of Certain Stock Options. (a) In addition to the provisions of Section 3 above, upon a Qualifying Termination of the Executive's employment, any and all ISOs theretofore granted to the Executive, but not yet exercisable, under and pursuant to the Stock Option Agreement, shall accelerate and become exercisable as of the date of such Qualifying Termination; provided, however, that in no event shall the exercise date of ISOs be accelerated to a date prior to one year from the date of grant; and, provided further, that in no event shall ISOs to purchase more than the number of shares of the Company's Common Stock derived by dividing $100,000 by the exercise price per share become exercisable in any one calendar year. In the event the number of ISOs which would otherwise become accelerated shall be limited by the foregoing, the exercise date of the ISO's affected by such limitation shall be accelerated to the earliest date on which such ISO's may be exercised under the Plan and so as to continue to qualify as "incentive stock options" in conformity with Section 422 of the Tax Code and the rules and regulations thereunder.
Acceleration of Certain Stock Options. The Seller's board of director's Compensation and Stock Option Committee shall accelerate the vesting of all of the unvested stock options set forth on EXHIBIT A hereto, which shall be fully vested on the date hereof and exercisable, pursuant to the terms of the award agreement evidencing the Seller's grant thereof, by the respective optionees set forth opposite such options on EXHIBIT A within thirty (30) days after the date hereof.
Acceleration of Certain Stock Options. The Company has previously granted to Director an option to acquire 21,929 shares of the Company’s common stock (grant number 011317) and an option to acquire 111,404 shares of the Company’s common stock (grant number 011318), which two option grants shall be referred to herein as the “Options”. In consideration for Director’s agreement to be available to serve as a business consultant to the Chief Executive Officer during the month of July 2005 for up to fifteen hours per week, and for Director’s entering into an effective and binding release of all claims (the “Release”) as set forth on Exhibit B to this Agreement, and so long as Director is in compliance with the requirements of this Agreement, on the Effective Date, Director shall become entitled to exercise (1) all unvested Options as well as (2) that portion of the Options that had already become vested and exercisable, but has not yet been exercised, as of the Effective Date (both portions of both Options shall be referred to herein as the “Vested Options”). Except as set forth herein, the Vested Options shall remain exercisable according to the terms of the option agreements under which the Options were granted. Customary payroll taxes and income tax withholding will be deducted from any payments arising from the Options, to the extent applicable.
