Exercisability of the New Option Sample Clauses

Exercisability of the New Option. The Optionee shall not have the right to exercise the New Option until the date the applicable portion of the New Option becomes vested pursuant to Section 2.1 and exercisable pursuant to Section 6(e)(i) or Section 13 of the Plan. The exercise of the New Option shall be governed by the terms of this Agreement and the terms of the Plan, including, but not limited to, the provisions of Section 6(e)(ii) of the Plan. The date that the applicable portion of the vested New Option becomes exercisable is set forth in Section 6(e)(i), Section 6(g) or Section 13 of the Plan, which shall be referred to herein as the “Exercise Commencement Date.” The applicable portion of the New Option shall remain exercisable until the last day of the calendar year in which the Exercise Commencement Date occurs (or such shorter period as may be applicable to a New Option that becomes exercisable pursuant to Section 13 of the Plan); provided, however, that, all New Options must be exercised within sixty (60) days following the Exercise Commencement Date unless written consent is received by the Company to extend such period through the end of the year. In the event the Optionee fails to exercise the applicable portion of any New Option in full within the applicable period following the Exercise Commencement Date, such applicable portion of the New Option shall be forfeited immediately in accordance with Section 6(e)(iii) of the Plan. As provided in Section 6(e)(i) of the Plan, the Optionee shall, at the time of such exercise, sell to the Company, and the Company shall repurchase, at par value, one share of Company Special Stock for each Share subject to the applicable portion of the New Option so exercised.
Sample 1
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Related to Exercisability of the New Option

  • Exercisability of Option Unless otherwise provided in this Agreement or the Plan, this Option shall entitle the Participant to purchase, in whole at any time or in part from time to time, to the extent the Option is vested in accordance with the vesting schedule herein, the Shares subject to this Option, and each such right of purchase shall be cumulative and shall continue, unless sooner exercised or terminated as herein provided, during the remaining Option Period.

  • Exercisability of Options Options granted under the Plan shall be exercisable at such times and be subject to such restrictions and conditions as the Committee shall determine in its sole discretion. After an Option is granted, the Committee, in its sole discretion, may accelerate the exercisability of the Option.

  • Acceleration of Exercisability of Option (a) This Option shall become immediately fully exercisable in the event that, prior to the termination of the Option pursuant to Section 6 hereof, and during the Optionee’s Continuous Service, there is a “Change in Control,” as defined in Section 9(b) of the Plan.

  • Vesting and Exercisability of Option The Option shall vest, and may be exercised, with respect to the Shares as set forth in the Optionee Statement attached hereto and made a part hereof, subject to earlier termination of the Option as provided in Sections 1.4 and 6 hereof or in the Plan. The right to purchase the Shares as they become vested shall be cumulative and shall continue during the Exercise Term unless sooner terminated as provided herein.

  • Exercisability This option shall be exercisable as to: Number of Shares Vesting Date 400 immediate This option shall remain exercisable as to all vested shares until January 1,2014 (but not later than ten (10) years from the date this option is granted) unless this option has expired or terminated earlier in accordance with the provisions hereof or in the Plan. Subject to paragraphs 4 and 5, shares as to which this option becomes exercisable pursuant to the foregoing provision may be purchased at any time prior to expiration of this option.

  • Commencement of Exercisability (a) Subject to Sections 3.1(b), 3.1(c) and 3.3, the Option shall become vested and exercisable in such amounts and at such times as are set forth in the Grant Notice.

  • Acceleration of Exercisability Notwithstanding the schedule provided in subsection 3.2, the Option will become fully exercisable (unless Participant chooses to decline accelerated Vesting of all or any portion of the Option) upon the occurrence of either:

  • Period of Exercisability Section 3.1 - Commencement of Exercisability ----------- ------------------------------

  • Nontransferability; Death or Disability of Optionee This option shall not be transferable except by will or by the laws of descent and distribution and shall be exercisable during Optionee’s lifetime only by Optionee. If Optionee dies while serving as a director or an employee of the Bancorp or a subsidiary corporation, or during the three (3) month period referred to in Paragraph 4 hereof, this option shall expire one (1) year after the date of Optionee’s death or on the day specified in Paragraph 2 hereof, whichever is earlier. After Optionee’s death but before such expiration, the persons to whom Optionee’s rights under this option shall have passed by will or by the laws of descent and distribution or the executor or administrator of Optionee’s estate shall have the right to exercise this option as to those shares for which installments had accrued under Paragraph 2 hereof as of the date on which Optionee ceased to be a director or an employee of the Bancorp or a subsidiary corporation. If Optionee terminates his or her directorship or employment because of disability (as defined in Section 22(e)(3) of the Code), Optionee may exercise this option to the extent he or she is entitled to do so at the date of termination, at any time within one (1) year of the date of termination, or before the expiration date specified in Paragraph 2 hereof, whichever is earlier.

  • Duration of Exercisability The installments provided for in Section 3.1 are cumulative. Each such installment which becomes exercisable pursuant to Section 3.1 shall remain exercisable until it becomes unexercisable under Section 3.3.

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