AND EXERCISE OF OPTION. The Option shall vest and become exercisable during its term in accordance with the provisions of Section 9 of the Plan as follows: a.
AND EXERCISE OF OPTION. The Option may be exercised for: (i) One Hundred Fifty Thousand (150,000) shares of the Option Stock beginning one (1) year after the date hereof; (ii) an additional One Hundred Fifty Thousand (150,000) shares of the Option Stock beginning two (2) years after the date hereof; and (iii) an additional One Hundred Fifty Thousand (150,000) shares of the Option Stock beginning three (3) years after the date hereof. The Option shall be deemed "vested" as to all Common Stock for which it is then exercisable.
AND EXERCISE OF OPTION. The Option granted hereunder shall vest as follows:
(a) the option to purchase 25% of the shares covered herein shall vest immediately;
(b) the option to purchase 25% of the shares covered herein shall vest twelve (12) months after the date of this Agreement;
(c) the option to purchase 25% of the shares covered herein shall vest twenty-four (24) months after the date of this Agreement; and (d) the option to purchase 25% of the shares covered herein shall vest thirty-six (36) months after the date of this Agreement. Subject to the earlier expiration of this Option as herein provided, this Option may be exercised by written notice to the Company at its principal executive office addressed to the attention of its Chief Executive Officer. The options granted hereunder must be exercised within thirty-six (36) months after the date they become vested or they will expire worthless. This Option is not transferable by Employee otherwise than by will or the laws of descent and distribution, and may be exercised only by Employee during Employee's lifetime. This option may be exercised only while Employee remains an employee of the Company and will terminate and cease to be exercisable upon Employee's termination of employment with the Company, except that:
1 2 (a) If Employee's employment with the Company terminates by reason of disability (within the meaning of section 22(c)(3) of the Code), this Option may be exercised in full (whether or not the option is fully vested) by Employee (or Employee's estate or the person who acquires this Option by will or the laws of descent and distribution or otherwise by reason of the death of Employee) at any time during the period of one year following such termination.
AND EXERCISE OF OPTION. The Option is to vest 1/3 January 1, 1998; 1/3 January 1, 1999; 1/3 January 1, 2000. Notwithstanding the vesting of any portion or all of the options, the Option may not be exercised as to less than 100 shares at any one time unless the number of Shares purchased is the total number at the time available for purchase under an installment of the Option. The Option may be exercised only as to whole shares; fractional share interests shall be disregarded except that they may be accumulated.
AND EXERCISE OF OPTION. The Option shall vest and be exercisable in accordance with the following provisions:
a. SCHEDULE OF VESTING AND RIGHTS TO EXERCISE. The Option shall be vested and exercisable as follows: 125 shares on March 12, 1997, 250 shares on March 12, 1998, 375 shares on March 12, 1999 and full vesting on March 12, 2000.
AND EXERCISE OF OPTION. This Option shall vest immediately, upon the date of this Agreement. The Option may be exercised, by written notice to the Company at its principal executive office addressed to the attention of its Chief Executive Officer, as follows: Optionee may exercise his option with regard to ten percent (10%) of the shares subject to this Option nine (9) months after the initial public offering of the Stock of the Company (the "IPO"); and thereafter the Optionee may exercise ten percent (10%) per quarter beginning twelve months after the IPO.
e. options relating to the ten percent (10%) of the shares that become exercisable two (2) years after the IPO must be exercised within five (5) years from the date of the IPO. This Option is not transferable by Optionee otherwise than by will or the laws of descent and distribution, and may be exercised only by Optionee during Optionee's lifetime. This Option may be exercised whether or not Optionee remains a member of the Board of Directors of the Company. If Optionee dies while a member of the Board, Optionee's estate, or the person who acquires this Option by will or the laws of descent and distribution or otherwise by reason of the death of Optionee, may exercise this Option at any time during the period of one (1) year following the date of Optionee's death. The purchase price of shares as to which this Option is exercised shall be paid in full at the time of exercise in cash (including check, bank draft or money order payable to the order of the Company). No fraction of a share of Stock shall be issued by the Company upon exercise of an Option; rather, Optionee shall provide a cash payment for such amount as is necessary to effect the issuance of only whole shares of Stock. Unless and until a certificate or certificates representing such shares shall have been issued by the Company to Optionee, Optionee (or the person permitted to exercise this Option in the event of Optionee's death) shall not be or have any of the rights or privileges of a stockholder of the Company with respect to shares acquirable upon an exercise of this Option.
AND EXERCISE OF OPTION. The Option Shares shall be divided into three (3) equal installments. So long as Optionee is then employed by or a consultant to the Company or any affiliate of the Company, each installment shall accrue and the Option shall be exercisable with respect to the shares included therein on each yearly anniversary date thereafter. An Option may be exercised when installments accrue and at any time thereafter within the Option Exercise Period set forth in Section 3 above with respect to all or a part of the shares covered by such accrued installments, subject, however, to further provisions of this Section 4. Installments which have accrued and are exercisable may be referred to herein as the "Vested Options." Vested Options shall be void if not exercised during the Option Exercise Period.
AND EXERCISE OF OPTION. The Option shall vest and be exercisable in accordance with the following provisions:
a. Schedule of Vesting and Rights to Exercise. The Option shall be vested and exercisable as follows:
AND EXERCISE OF OPTION. (a) An Optionee may not exercise the options granted hereunder prior to six months from the date of this grant.
(b) Thereafter, the Optionee may exercise the options in whole or in part, as follows (unless otherwise required by a sub-plan for foreign employees and then as listed below): (a) at any time after the six months following the date of grant, not more than 20%; (b) at any time after 12 months following the date of the grant, an additional 20% but not more than 40%; (c) at any time after 24 months following the date of the grant, an additional 20% but not more than 60%; (d) at any time after 36 months following the date of the grant, an additional 20% but not more than 80%; (e) at any time after 48 months following the date of the grant, an additional 20% or up to 100%, except that all such options must be exercised prior to the tenth anniversary of the date of grant.
(c) In order to exercise this option or any part thereof, Optionee shall give notice in writing to the Company of his intention to purchase all or part of the shares subject to this option, and in said notice shall be set forth the number of shares as to which he desires to exercise. Notice shall be made to Xxxxx Industries, Inc., 0000 X. Xxxx Xxxxxx, Xxxxx, Xxxx 00000, Attn: Vice President-Finance.
(d) Optionee shall pay for said shares in full at the time of exercise in cash, by check, bank draft or money order payable to "Xxxxx Industries, Inc.," through the delivery of shares of Common Stock having an aggregate fair market value as determined on the date of exercise equal to the option price, or in any manner provided for in the Plan. No shares of Common Stock shall be issued until final payment for said shares has been made, and Optionee shall have none of the rights of a shareholder until said shares are issued.
AND EXERCISE OF OPTION. The Option shall vest and become exercisable during its term, subject to the Optionee's continuous employment with the Company, as follows:
