Conditions of Option. The Options may be exercised immediately upon vesting, subject to the terms and conditions as set forth in this Agreement.
Conditions of Option. The option is subject to the following additional conditions:
(a) The option herein granted to Optionee shall not be transferable by Optionee other than by will or the laws of descent and distribution, and shall be exercisable, during his lifetime, only by him.
(b) The option may be exercised by Optionee pursuant to the terms of the Plan, but only to the extent that Optionee had the right to exercise such option at the date of termination of the Optionee's employment with the Company.
Conditions of Option. The option is subject to the following additional conditions:
(a) The option herein granted to Employee shall not be transferable by Employee other than by will or the laws of descent and distribution, and shall be exercisable, during his lifetime, only by him.
(b) The option may be exercised by Employee only while he is in the continuous employ of the Company or of a subsidiary of the Company, or on the last day of the month next following the month in which employee ceases to be so employed (but not later than its specified expiration date), but only to the extent that Employee had the right to exercise such option at the date of such termination.
(c) In the event that Employee becomes disabled (within the meaning of Section 22 (e)(3) of the Internal Revenue Code or any successor section), the option may be exercised by the Employee to the extent that it was exercisable on the date he ceased to be employed by the Company or any subsidiary on the last day of the 12th month from the date optionee (employee) ceases to be an employee from the date of termination of employment (but not later than its specified expiration date).
(d) In the event of the Employee's death while so employed or within the period referred to in subparagraph (b) above, or the twelve (12) month period referred to in subparagraph (c) above, then such option may be exercised to the extent it was exercisable on the date of cessation of employment, by his executors, administrators, or other legal representatives, heirs, legatees, next of kin, or distributes within one (1) year, but no later that one (1) year, after the date of at his death (but no later than the specified expiration date).
Conditions of Option. The Manufacturer's rights to purchase the Rubber Crumb Output pursuant to this Option shall be subject to fulfillment of the following condition:
(a) the Manufacturer shall furnish to the Operator, in writing, within ninety days of the Acceptance Date and every six months thereafter, the Manufacturer's anticipated purchase projections (the "Six-Month Projected Purchase Order") specifying the grades, types, and quantities of Rubber Crumb Output which the Manufacturer commits to purchase within the six-month period following the date of such Projected Purchase Order; The price, terms, and conditions specified in the Projected Purchase Order will be negotiated every six months for a period of six months.
Conditions of Option. The option is subject to the following additional conditions:
(a) The option herein granted to Employee shall not be transferable by Employee other than by will or the laws of descent and distribution, and shall be exercisable, during his lifetime, only by him.
(b) In the event that Employee becomes disabled (within the meaning of Section 22 (e)(3) of the Internal Revenue Code or any successor section), the option may be exercised by the Employee to the extent that it was exercisable on the date he ceased to be employed by the Company or any subsidiary on the last day of the 12th month from the date optionee (employee) ceases to be an employee from the date of termination of employment (but not later than its specified expiration date).
(c) In the event of the Employee's death while so employed or within the period referred to in subparagraph (b) above, or the twelve (12) month period referred to in subparagraph (c) above, then such option may be exercised to the extent it was exercisable on the date of cessation of employment, by his executors, administrators, or other legal representatives, heirs, legatees, next of kin, or distributes within one (1) year, but no later that one (1) year, after the date of at his death (but no later than the specified expiration date).
Conditions of Option. The Extension Option may be exercised only by written notice delivered by Tenant to Landlord as provided in Subsection 2.5.3 and only if, as of the date of delivery of the notice, Tenant is not in material default under this Lease after the expiration of any applicable cure periods. If Tenant properly exercises the Extension Option, the Lease Term, as it applies to the entire Premises then leased by Tenant, shall be extended for the Option Term. If Tenant exercises the first Extension Option, Landlord shall, prior to the commencement of the first option term, repaint the interior of the Premises and install new carpeting throughout the Premises in a manner acceptable to Tenant.
Conditions of Option. The Extension Option is subject to the following conditions: (i) the Extension Option may be exercised only by written notice delivered by Subtenant to Sublandlord as provided in this Section 3.2 and only if, as of the date; the Option Term would commence, no Event of Default has occurred which is continuing; (ii) the rights contained in this Section 3.2 may be exercised by the originally named Subtenant or by any assignee of Subtenant's interest in this Sublease if the assignment has been approved by Sublandlord or is otherwise permitted in Section 12 below; and (iii) if Subtenant properly exercises the Extension Option, the Term of this Sublease shall be extended by the Option Term. The Option Term shall be on all of the terms and conditions of the original Term, except that this Section 3.2 and Exhibit "E" shall have no application thereto.
Conditions of Option. The Options may be exercised immediately upon vesting, subject to the terms and conditions as set forth in this Agreement. DATE EXERCISABLE. The Options shall become exercisable by Optionee in accordance with the vesting terms as above.
Conditions of Option. 3.1 The Option shall, subject to earlier exercise being permitted under clauses 3.3 or 5, vest over the following proportions of shares on the following dates:
(a) 33.33% of the Shares subject to the Option (rounded down to the nearest whole Share) shall vest on the first anniversary of the Grant Date (the “First Anniversary”);
(b) 16.66% of the Shares subject to the Option (rounded down to the nearest whole Share) shall vest on the date that is six months after the First Anniversary;
(c) 16.66% of the Shares subject to the Option (rounded down to the nearest whole Share) shall vest on the second anniversary of the Grant Date (the “Second Anniversary”);
(d) 16.66% of the Shares subject to the Option (rounded down to the nearest whole Share) shall vest on the date that is six months after the Second Anniversary; and
(e) the balance of the Shares subject to the Option shall vest on the third anniversary of the Grant Date.
3.2 The Option may not be validly exercised later than the end of the Option Period and shall automatically lapse at the end of the Option Period.
3.3 If the Optionholder ceases to be an employee or officer of, or consultant or adviser to, any member of the Group:
(a) in circumstances where the Optionholder’s service agreement or other terms of his service or relationship with any member of the Group is terminated by the applicable member of the Group without Cause (as defined in clause 3.5) other than pursuant to clause 3.3 (b) or 3.4(c); or
(b) in circumstances where the Optionholder terminates his service agreement or other terms of his service or relationship with any member of the Group for a Good Reason, as (and to the extent that) such term is defined in the Optionholder’s service agreement or other terms of his service or relationship with any member of the Group (other than pursuant to clause 3.3(a) or 3.4(c)) any balance of Options that are not exercised at the date upon which the Optionholder ceases to be an employee, officer of, consultant or adviser to any member of the Group shall immediately become exercisable pursuant to the terms of this Agreement.
3.4 If the Optionholder ceases to be an employee or officer of, or consultant or adviser to, any member of the Group (a “Leaver”):
(a) in circumstances involving a breach by the Optionholder of the restrictive covenants under his service agreement with any member of the Group and/or where the Optionholder’s employment or engagement is terminated for Cause (as defined in clause 3....
Conditions of Option. Each Option may only be exercised during the period commencing on the date it may initially be exercised as set forth in Section 2 hereinbelow, and otherwise subject to the terms and conditions as set forth in this Agreement and the 1993 Plan.
