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:
DATE EXERCISABLE; VESTING. The Option shall vest and become exercisable for the Option Shares in 12 equal consecutive amounts of 15,000 shares at the end of each calendar quarter beginning March 31, 2014. 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.
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.
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, one-hundred percent (100%) of the Option Shares shall become exercisable at the end of the first twelve (12) month period of Optionee's continuous service as a director of the Company following the Grant Date.
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.
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.
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.
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.
