DATE EXERCISABLE; VESTING Clause Samples
DATE EXERCISABLE; VESTING. 2.1 Subject to the restrictions and conditions set forth in the Plan, the Option shall become exercisable by Optionee as follows:
2.1.1 The Option shall become exercisable as to twenty-five percent (25%) of the total number of Option Shares at the end of the twelve (12) month period of Optionee's continuous employment with the Corporation following the Grant Date.
2.1.2 The Option shall thereafter become exercisable as to twenty-five percent (25%) of the total number of Option Shares at the end of each subsequent twelve (12) month period of Optionee's continuous employment with the Corporation.
2.1.3 The right to purchase any installment of the Option Shares shall be cumulative, so that when the right to purchase any Option Shares has accrued, such Option Shares may be purchased at any time or from time to time thereafter prior to the Expiration Date, subject to the limitations of Sections 3 and 4 herein.
2.2 In the event Optionee for any reason ceases to be an employee of the Corporation, whether by dismissal, resignation, death, disability or otherwise, the Option shall be exercisable thereafter only to the extent Optionee was entitled to exercise it at the date of termination of employment.
DATE EXERCISABLE; VESTING. The Option shall vest and become exercisable for the Option Shares in 12 equal consecutive amounts of 66,950 shares at the end of each calendar quarter beginning March 31, 2012. As the Option becomes exercisable for such installments, those installments shall accumulate, and the Option shall remain exercisable for the accumulated installments until the Expiration Date or sooner termination of the option term as set forth herein. Notwithstanding the above in the event of a Change of Control all of the Option Shares under the Option shall vest and shall become immediately exercisable.
DATE EXERCISABLE; VESTING. 2.1 The Option shall become fully exercisable at the end of the twelve (12) month period of Optionee's continuous employment with the Corporation following the Grant Date (the "Vesting Date"). The right to purchase the Option Shares shall continue for a period of five (5) years from the Vesting Date. Subject to earlier termination as provided in Section 4 below, any portion of the Option Shares not exercised at the close of business on the fifth (5th) anniversary of the Vesting Date shall thereafter be cancelled and Optionee shall have no further right to purchase such cancelled Option Shares.
2.2 In the event Optionee for any reason ceases to be an employee of the Corporation prior to the Vesting Date, whether by dismissal, resignation, death, disability or otherwise, the Option shall not be exercisable.
2.3 The Option shall become immediately exercisable for the full number of Option Shares upon the occurrence of an event whereby any person or entity, including any "person" as such term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), becomes the "beneficial owner," as defined in the Exchange Act, of Common Stock representing fifty percent (50%) or more of the combined voting power of voting securities of the Corporation.
DATE EXERCISABLE; VESTING. 3.1 This Option has been granted upon Optionee’s election or appointment to the Company’s Board of Directors. This Option shall become exercisable as to all Option Shares on the date of the next annual meeting of the Company’s shareholders following the date of grant, provided that Optionee shall have continued to serve as a director of the Company until such date.
3.2 In the event Optionee does not continue to serve as a director of the Company until the date of the next annual meeting of the Company’s shareholders following the date of grant, this Option shall terminate as of the date Optionee is no longer serving as a director of the Company, and this Option shall not be exercisable as to any of the Option Shares.
DATE EXERCISABLE; VESTING. 3.1 This Option has been granted upon Optionee's election or appointment to the Company's Board of Directors. Subject to the restrictions and conditions set forth in the Plan, the Option shall become exercisable as to twenty-five percent (25%) of the total number of Option Shares at the end of the twelve (12) month period of Optionee's continuous service as a director of the Company following the Grant Date. The Option shall thereafter become exercisable as to an additional twenty-five percent (25%) of the total number of Option Shares at the end of each subsequent twelve (12) month period of Optionee's continuous service as a director of the Company.
3.2 In the event Optionee ceases to serve as a director of the Company, this Option shall be exercisable thereafter only to the extent Optionee was entitled to exercise it at the date Optionee is no longer serving as a director of the Company.
DATE EXERCISABLE; VESTING. 3.1 Subject to the restrictions and conditions set forth in the Plan, the Option shall become exercisable as to twenty-five percent (25%) of the total number of Option Shares at the end of the twelve (12) month period of Optionee’s continuous employment with the Company following the Grant Date. The Option shall thereafter become exercisable as to an additional twenty-five percent (25%) of the total number of Option Shares at the end of each subsequent twelve (12) month period of Optionee’s continuous employment with the Company.
3.2 In the event Optionee for any reason ceases to be an employee of the Corporation, whether by dismissal, resignation, death, disability or otherwise, the Option shall be exercisable thereafter only to the extent Optionee was entitled to exercise it at the date of termination of employment.
DATE EXERCISABLE; VESTING. 2.1 The Option shall become exercisable as to twenty-five percent (25%) of the total number of Option Shares at the end of the twelve (12) month period of Optionee's continuous employment with the Corporation following the Grant Date. The Option shall thereafter become exercisable as to an additional twenty-five percent (25%) of the total number of Option Shares at the end of each subsequent twelve (12) month period of Optionee's continuous employment with the Corporation. (Each such end date is referred to as a "Vesting Date," and each such 25% increment is referred to as an "Installment.") The right to purchase any Installment or portion thereof shall continue for a period of five (5) years from the Vesting Date for such Installment. Subject to earlier termination as provided in Section 4 below, any portion of an Installment not exercised at the close of business on the fifth (5th) anniversary of the Vesting Date for such Installment shall thereafter be cancelled and Optionee shall have no further right to purchase such cancelled Option Shares.
2.2 In the event Optionee for any reason ceases to be an employee of the Corporation, whether by dismissal, resignation, death, disability or otherwise, the Option shall be exercisable thereafter only to the extent Optionee was entitled to exercise it at the date of termination of employment.
2.3 The Option shall become immediately exercisable for the full number of Option Shares upon the occurrence of an event whereby any person or entity, including any "person" as such term is used in Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), becomes the "beneficial owner," as defined in the Exchange Act, of Common Stock representing fifty percent (50%) or more of the combined voting power of voting securities of the Corporation.
DATE EXERCISABLE; VESTING. The Option shall become exercisable for the Option Shares in one or more installments as specified in the Grant Notice. As the Option becomes exercisable for such installments, those installments shall accumulate, and the Option shall remain exercisable for the accumulated installments until the Expiration Date or sooner termination of the option term under Section 5 or upon a Change in Control as set forth in Article V of the Plan.
