Exercisability of the Option. The Optionee shall not have the right to exercise the Option until the date the applicable portion of the Option becomes vested pursuant to Section 2.1 or Section 2.2. The date that the applicable portion of the Option becomes exercisable is referred to herein as the “Exercise Commencement Date.” Subject to Section 14.1 of the Plan, following the Exercise Commencement Date, the applicable portion of the Option shall remain exercisable until it becomes unexercisable under Section 2.5. Once the Option becomes unexercisable, it shall be forfeited immediately.
Exercisability of the Option. (a) The Option will become vested and exercisable as set forth in Section 1 hereof.
(b) The exercisability of the Option is cumulative, but shall not exceed 100% of the shares of Company Stock subject to the Option.
(c) If the schedule set forth in Section 1 hereof would produce fractional shares of Company Stock, the number of shares of Company Stock for which the Option becomes exercisable shall be rounded down to the nearest whole share of Company Stock.
Exercisability of the Option. The Optionee shall not have the right to exercise the Option until the date the applicable portion of the Option becomes vested pursuant to Section 2.1 or 2.
Exercisability of the Option. (i) Subject to the Participant’s continued service to the Company or an Affiliate and except as may otherwise be provided herein, the Option shall become vested and exercisable as to 25% of the Option Shares on each of the first four anniversaries of the Date of Grant.
(ii) The Option may be exercised only by written notice in accordance with the option exercise form approved by the Company, which notice shall either be delivered in person, by mail or by electronic means in accordance with Section 6(a) hereof and shall be accompanied by payment therefor. The purchase price of the Option Shares shall be paid by the Participant to the Company (A) (1) in cash (by check or wire transfer) and/or in shares of Common Stock valued at Fair Market Value at the time the Option is exercised (including, pursuant to procedures approved by the Committee, by actual delivery of such shares to the Company); provided, that such shares of Common Stock are Mature Shares or (2) if a public market for the Company’s Common Stock exists, by means of a broker-assisted “cashless exercise” program; or (B) by such other method as the Committee may permit in its sole discretion, including without limitation: (1) in other property having a fair market value on the date of exercise equal to the aggregate Exercise Price for such Option Shares or (B) by a “net exercise” method. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option in a manner that the Committee determines would violate the Xxxxxxxx-Xxxxx Act of 2002, as amended, or any other applicable law or the applicable rules and regulations of the Securities and Exchange Commission or the applicable rules and regulations of any securities exchange or inter dealer quotation system on which the securities of the Company or any Affiliates are listed or traded.
Exercisability of the Option. The Option shall become exercisable in accordance with the exercisability schedule and other terms set forth in the Grant Notice. The Option shall terminate on the tenth anniversary of the Grant Date stated in the Grant Notice (the “Expiration Date”), subject to earlier termination as set forth in the Plan and this Agreement.
Exercisability of the Option. Except as may otherwise be provided herein, the Option shall become vested and exercisable with respect to twenty five percent (25%) of the Option Shares (rounded to the nearest whole Option Share) on each of the first four anniversaries of the Date of Grant (each such date, a “Vesting Date”), subject to the Participant’s continued employment through the applicable Vesting Date or in the case of terminations of employment due to Retirement as provided in Section 3(a).
Exercisability of the Option. (i) Subject to the Participant’s continued employment with the Company or an Affiliate and except as may otherwise be provided herein, the Option shall become vested and exercisable as to (___%) of the Option Shares on each of the first through anniversaries of the Date of Grant.
(ii) The Option may be exercised only by written notice, substantially in the form attached hereto as Exhibit A (or a successor form provided by the Committee) delivered in person or by mail in accordance with Section 6(a) hereof and accompanied by payment therefor. The purchase price of the Option Shares shall be paid by the Participant to the Company (i) in cash and/or shares of Common Stock valued at the Fair Market Value at the time the Option is exercised (including by means of attestation of ownership of a sufficient number of shares of Stock in lieu of actual delivery of such shares to the Company); provided, that, if deemed necessary by the Company’s independent accounting firm in order to avoid an accounting charge to earnings for compensation on account of the exercise of the Option, such shares of Stock shall be Mature Shares, (ii) in the discretion of the Committee, either (A) in other property having a fair market value on the date of exercise equal to the Option Price or (B) by delivering to the Committee a copy of irrevocable instructions to a stockbroker to deliver promptly to the Company an amount of loan proceeds, or proceeds from the sale of the Option Shares, sufficient to pay the Option Price or (iii) by such other method as the Committee may allow in writing. Notwithstanding the foregoing, in no event shall a Participant be permitted to exercise an Option in the manner described in clause (ii) or (iii) of the preceding sentence if the Committee determines that exercising an Option in such manner would violate the Xxxxxxxx-Xxxxx Act of 2002, as amended, or any other applicable law or the applicable rules and regulations of the Securities and Exchange Commission or the applicable rules and regulations of any securities exchange or inter dealer quotation system on which the securities of the Company or any Affiliates are listed or traded.
Exercisability of the Option. The Option may be exercised only by written notice in accordance with the option exercise form approved by the Company, which notice shall either be delivered in person, by mail or by electronic means and shall be accompanied by payment therefor.
Exercisability of the Option. (i) Except as may otherwise be provided herein, the Option shall become vested and exercisable as follows: [COMMITTEE TO DETERMINE VESTING PROVISIONS, INCLUDING, IF APPLICABLE, ACCELERATION UPON TERMINATION OF EMPLOYMENT AND/OR CHANGE IN CONTROL.]
(ii) The Option may be exercised only by written notice, substantially in the form attached hereto as Exhibit A (or a successor form provided by the Committee) delivered in person or by mail in accordance with Section 3(b) hereof and accompanied by payment of the Option Price. The Option Price shall be paid by Participant to the Company by (A) certified check, (B) means of a net exercise whereby the number of Option Shares received by Participant shall equal the excess, if any, of (x) the number of Option Shares that would have been received by Participant upon such exercise had Participant paid the purchase price for the Option Shares in cash over (y) a number of Option Shares, the aggregate fair market value of which is equal to the aggregate purchase price that would have been paid as determined pursuant to the immediately preceding clause (x), or (C) any other method approved by the Committee in writing. If requested by the Committee, Participant shall promptly deliver his copy of this Agreement to the Secretary of the Company who shall endorse thereon a notation of such exercise and promptly return such Agreement to Participant.
Exercisability of the Option. The Vesting Commencement Date is defined on the signature page hereof. The Option may be exercised only (i) by written notice, substantially in the form attached hereto as Annex A (or a successor form provided by the Committee) delivered in person or by mail in accordance with Section 4(b) hereof, or (ii) through such other method as specified by the Committee, and in either case accompanied by payment therefor. The purchase price of the Option Shares shall be paid by the Participant to the Company in a manner permitted under Section 7(e) of the Plan.
