Conditions to Exercisability. (a) The Option shall become exercisable as to twenty percent (20%) of the shares of Stock covered by the Option on each of the next five anniversaries of this Agreement, provided that the Executive continues to be employed by Niagara or one of its subsidiaries (collectively, the "Company") on such date. (b) Notwithstanding the foregoing, the Option shall become exercisable in full upon the occurrence of a Change in Control of Niagara (as defined in the Plan).
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Samples: Stock Option Agreement (Scharf Micheal J), Stock Option Agreement (Scharf Micheal J), Stock Option Agreement (Scharf Micheal J)
Conditions to Exercisability. (a) The Option shall become exercisable as to twenty percent (20%) of the shares of Stock covered by the Option on each of the next five anniversaries of this AgreementAgree ment, provided that the Executive continues to be employed by Niagara or one of its subsidiaries (collectively, the "Company") on such date.
(b) Notwithstanding the foregoing, the Option shall become exercisable exercis able in full upon the occurrence of a the Change in Control of Niagara (as defined in the Plan).
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