Common use of Award of Option Clause in Contracts

Award of Option. The Corporation hereby awards to the Optionee an option (the “Option”) to purchase from the Corporation such number of shares of the Corporation’s common stock (the “Shares”) at the exercise price set forth in this Option Agreement (the “Exercise Price”) below. This option shall vest equally over a three-year period. If the foregoing results in a fractional number of Shares subject to the Option vesting on any vesting date, the number of Shares subject to the Option vesting on the first and second vesting dates shall be rounded down to the previous whole number of Shares and the Shares subject to the Option vesting on the third vesting date shall be rounded up to the next whole number of Shares, as shall be necessary in order to result in a vesting of 100% of the Shares subject to the Option. The Compensation Committee of the Corporation may, in its sole discretion, convert this Option at any time to a stock settled stock appreciation grant. Number of Shares Subject to Option: 63,334 Exercise Price per Share: $52.235 Expiration Date: February 15, 2013 February 15, 2007 33.33% 21,111 21,111 February 15, 2008 33.33% 21,111 42,222 February 15, 2009 33.34% 21,112 63,334 This option shall expire, and no shares may be purchased pursuant to this Option, after the expiration date set forth above (the “Expiration Date”). Non-Qualified Stock Option Agreement February 15, 2006 Page 2.

Appears in 1 contract

Samples: Non Qualified Stock Option Agreement (Quest Diagnostics Inc)

AutoNDA by SimpleDocs

Award of Option. The Corporation hereby awards to the Optionee an option (the “Option”) to purchase from the Corporation such number of shares of the Corporation’s common stock (the “Shares”) at the exercise price set forth in this Option Agreement (the “Exercise Price”) below. This option shall vest equally over a three-year period. If the foregoing results in a fractional number of Shares subject to the Option vesting on any vesting date, the number of Shares subject to the Option vesting on the first and second vesting dates shall be rounded down to the previous whole number of Shares and the Shares subject to the Option vesting on the third vesting date shall be rounded up to the next whole number of Shares, as shall be necessary in order to result in a vesting of 100% of the Shares subject to the Option. The Compensation Committee of the Corporation may, in its sole discretion, convert this Option at any time to a stock settled stock appreciation grant. Number of Shares Subject to Option: 63,334 Exercise Price per Share: $52.235 52.245 Expiration Date: February 1512, 2013 2014 February 1512, 2008 33.33 % 93,333 93,333 February 12, 2009 33.33 % 93,333 186,666 February 12, 2010 33.34 % 93,334 280,000 Page 1 of 6 EOAgmt Non-Qualified Stock Option Agreement February 12, 2007 33.33% 21,111 21,111 February 15, 2008 33.33% 21,111 42,222 February 15, 2009 33.34% 21,112 63,334 Page 2. This option shall expire, and no shares may be purchased pursuant to this Option, after the expiration date set forth above (the “Expiration Date”). Non-Qualified Stock Option Agreement February 15, 2006 Page 2.

Appears in 1 contract

Samples: Non Qualified Stock Option Agreement (Quest Diagnostics Inc)

Award of Option. The Corporation hereby awards to the Optionee an option (the “Option”) to purchase from the Corporation such number of shares of the Corporation’s common stock (the “Shares”) at the exercise price set forth in this Option Agreement (the “Exercise Price”) below. This option shall vest equally over a three-year period. If the foregoing results in a fractional number of Shares subject to the Option vesting on any vesting date, the number of Shares subject to the Option vesting on the first and second vesting dates shall be rounded down to the previous whole number of Shares and the Shares subject to the Option vesting on the third vesting date shall be rounded up to the next whole number of Shares, as shall be necessary in order to result in a vesting of 100% of the Shares subject to the Option. .The Compensation Committee of the Corporation may, in its sole discretion, convert this Option at any time to a stock settled stock appreciation grant. Number of Shares Subject to Option: 63,334 113,334 Exercise Price per Share: $52.235 Expiration Date: February 15, 2013 February 15, 2007 33.3333.33 % 21,111 21,111 37,778 37,778 February 15, 2008 33.3333.33 % 21,111 42,222 37,778 75,556 February 15, 2009 33.3433.34 % 21,112 63,334 37,778 113,334 This option shall expire, and no shares may be purchased pursuant to this Option, after the expiration date set forth above (the “Expiration Date”). Non-Qualified Stock Option Agreement February 15, 2006 Page 2.

Appears in 1 contract

Samples: Non Qualified Stock Option Agreement (Quest Diagnostics Inc)

Award of Option. The Corporation hereby awards to the Optionee an option (the “Option”) to purchase from the Corporation such number of shares of the Corporation’s common stock (the “Shares”) at the exercise price set forth in this Option Agreement (the “Exercise Price”) below. This option shall vest equally over a three-year period. If the foregoing results in a fractional number of Shares subject to the Option vesting on any vesting date, the number of Shares subject to the Option vesting on the first and second vesting dates shall be rounded down to the previous whole number of Shares and the Shares subject to the Option vesting on the third vesting date shall be rounded up to the next whole number of Shares, as shall be necessary in order to result in a vesting of 100% of the Shares subject to the Option. The Compensation Committee of the Corporation may, in its sole discretion, convert this Option at any time to a stock settled stock appreciation grant. Number of Shares Subject to Option: 63,334 54,667 Exercise Price per Share: $52.235 Expiration Date: February 15, 2013 February 15, 2007 33.33% 21,111 21,111 18,222 18,222 February 15, 2008 33.33% 21,111 42,222 18,222 36,444 February 15, 2009 33.34% 21,112 63,334 18,223 54,667 This option shall expire, and no shares may be purchased pursuant to this Option, after the expiration date set forth above (the “Expiration Date”). Non-Qualified Stock Option Agreement February 15, 2006 Page 2.

Appears in 1 contract

Samples: Non Qualified Stock Option Agreement (Quest Diagnostics Inc)

Award of Option. The Corporation hereby awards to the Optionee an option (the “Option”) to purchase from the Corporation such number of shares of the Corporation’s common stock (the “Shares”) at the exercise price set forth in this Option Agreement (the “Exercise Price”) below. This option shall vest equally over a three-year period. If the foregoing results in a fractional number of Shares subject to the Option vesting on any vesting date, the number of Shares subject to the Option vesting on the first and second vesting dates shall be rounded down to the previous whole number of Shares and the Shares subject to the Option vesting on the third vesting date shall be rounded up to the next whole number of Shares, as shall be necessary in order to result in a vesting of 100% of the Shares subject to the Option. The Compensation Committee of the Corporation may, in its sole discretion, convert this Option at any time to a stock settled stock appreciation grant. Number of Shares Subject to Option: 63,334 Option:280,000 Exercise Price per Share: $52.235 52.245 Expiration Date: February 1512, 2013 2014 Vesting Dates % of Grant Incremental Cumulative February 15, 2007 33.33% 21,111 21,111 February 1512, 2008 33.33% 21,111 42,222 93,333 93,333 February 1512, 2009 33.33% 93,333 186,666 February 12, 20010 33.34% 21,112 63,334 93,334 280,000 This option shall expire, and no shares may be purchased pursuant to this Option, after the expiration date set forth above (the “Expiration Date”). Non-Qualified Stock Option Agreement February 1512, 2006 2007 Page 2.

Appears in 1 contract

Samples: Non Qualified Stock Option Agreement (Quest Diagnostics Inc)

AutoNDA by SimpleDocs

Award of Option. The Corporation hereby awards to the Optionee an option (the “Option”) to purchase from the Corporation such number of shares of the Corporation’s common stock (the “Shares”) at the exercise price set forth in this Option Agreement (the “Exercise Price”) below. This option shall vest equally over a three-year period. If the foregoing results in a fractional number of Shares subject to the Option vesting on any vesting date, the number of Shares subject to the Option vesting on the first and second vesting dates shall be rounded down to the previous whole number of Shares and the Shares subject to the Option vesting on the third vesting date shall be rounded up to the next whole number of Shares, as shall be necessary in order to result in a vesting of 100% of the Shares subject to the Option. The Compensation Committee of the Corporation may, in its sole discretion, convert this Option at any time to a stock settled stock appreciation grant. .] Number of Shares Subject to Option: 63,334 46,667 Exercise Price per Share: $52.235 Expiration Date: February 15, 2013 February 15, 2007 33.3333.33 % 21,111 21,111 15,555 15,555 February 15, 2008 33.3333.33 % 21,111 42,222 15,556 31,111 February 15, 2009 33.3433.34 % 21,112 63,334 15,556 46,667 This option shall expire, and no shares may be purchased pursuant to this Option, after the expiration date set forth above (the “Expiration Date”). Non-Qualified Stock Option Agreement February 15XXXXXX, 2006 XX, XXXX Page 2.

Appears in 1 contract

Samples: Non Qualified Stock Option Agreement (Quest Diagnostics Inc)

Award of Option. The Corporation hereby awards to the Optionee an option (the “Option”) to purchase from the Corporation such number of shares of the Corporation’s common stock (the “Shares”) at the exercise price set forth in this Option Agreement (the “Exercise Price”) below. This option shall vest equally over a three-year period. If the foregoing results in a fractional number of Shares subject to the Option vesting on any vesting date, the number of Shares subject to the Option vesting on the first and second vesting dates shall be rounded down to the previous whole number of Shares and the Shares subject to the Option vesting on the third vesting date shall be rounded up to the next whole number of Shares, as shall be necessary in order to result in a vesting of 100% of the Shares subject to the Option. The Compensation Committee of the Corporation may, in its sole discretion, convert this Option at any time to a stock settled stock appreciation grant. Number of Shares Subject to Option: 63,334 Exercise Price per Share: $52.235 Expiration Date: February 15, 2013 February 15, 2007 33.33% 21,111 21,111 91,666 91,666 February 15, 2008 33.33% 21,111 42,222 91,667 183,333 February 15, 2009 33.34% 21,112 63,334 91,667 275,000 This option shall expire, and no shares may be purchased pursuant to this Option, after the expiration date set forth above (the “Expiration Date”). Non-Qualified Stock Option Agreement February 15, 2006 Page 2.

Appears in 1 contract

Samples: Non Qualified Stock Option Agreement (Quest Diagnostics Inc)

Award of Option. The Corporation hereby awards to the Optionee an option (the “Option”) to purchase from the Corporation such number of shares of the Corporation’s common stock (the “Shares”) at the exercise price set forth in this Option Agreement (the “Exercise Price”) below. This option shall vest equally over a three-year period. If the foregoing results in a fractional number of Shares subject to the Option vesting on any vesting date, the number of Shares subject to the Option vesting on the first and second vesting dates shall be rounded down to the previous whole number of Shares and the Shares subject to the Option vesting on the third vesting date shall be rounded up to the next whole number of Shares, as shall be necessary in order to result in a vesting of 100% of the Shares subject to the Option. The Compensation Committee of the Corporation may, in its sole discretion, convert this Option at any time to a stock settled stock appreciation grant. Number of Shares Subject to Option: 63,334 50,000 Exercise Price per Share: $52.235 Expiration Date: February 15, 2013 February 15, 2007 33.3333.33 % 21,111 21,111 16,666 16,666 February 15, 2008 33.3333.33 % 21,111 42,222 16,667 33,333 February 15, 2009 33.3433.34 % 21,112 63,334 16,667 50,000 This option shall expire, and no shares may be purchased pursuant to this Option, after the expiration date set forth above (the “Expiration Date”). Non-Qualified Stock Option Agreement February 15, 2006 Page page 2.

Appears in 1 contract

Samples: Non Qualified Stock Option Agreement (Quest Diagnostics Inc)

Draft better contracts in just 5 minutes Get the weekly Law Insider newsletter packed with expert videos, webinars, ebooks, and more!