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Common use of Exercisability of the Option Clause in Contracts

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.

Appears in 6 contracts

Samples: Incentive Stock Option Grant Agreement (Crown Crafts Inc), Nonqualified Stock Option Grant Agreement (Crown Crafts Inc), Incentive Stock Option Grant Agreement (Ameris Bancorp)