EXERCISE AND LAPSE OF OPTIONS Sample Clauses

EXERCISE AND LAPSE OF OPTIONS. 3.1 The Grantee may exercise the Option only during the Option Period.
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EXERCISE AND LAPSE OF OPTIONS. The options provided in Section 9.4(b) may be exercised by giving timely written notice to the Member whose Membership Interest is the subject of such option and to the Company. In the event that the other Members fail to exercise their respective options to collectively purchase the entire Membership Interest offered for sale, then all of the options exercised as provided in Sections 9.4(b) and 9.4(c) shall be deemed to be rescinded from the outset as though they never had been exercised. The Member whose Membership Interest, or portion thereof, is offered for sale may at any time within sixty (60) days after lapse or rescission of the options provided in Section 9.4(b) sell such Membership Interest to the Person specified in the notice of proposed sale; provided, that (i) such sale shall be at the purchase price pursuant to the bona fide offer and according to the other terms and conditions as provided in the bona fide offer, (ii) all consents required under the Act and this Agreement are obtained, (iii) such Member and the proposed purchaser comply with all applicable provisions of the Act and this Agreement, and (iv) the proposed purchaser agrees in writing to become subject to this Agreement. In the event that the Member shall fail to make such sale within such sixty (60) day period, the Member shall again comply with the terms of this Section 9.4 as a condition precedent to any subsequent sale of the Membership Interest.
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EXERCISE AND LAPSE OF OPTIONS. 3.1 Subject to this Rule 3 and Rules 4 and 6 an Option may be exercised at any time on or after the third anniversary and before the tenth anniversary of its Date of Grant. An Option shall not be exercisable on or after the tenth anniversary of its Date of Xxxxx under any circumstances whatsoever and every Subsisting Option shall lapse on the tenth anniversary of its Date of Grant.
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EXERCISE AND LAPSE OF OPTIONS. 5.1 Subject to this Rule 5 and Rules 6 and 8 an Option (other than an Exceptional Performance Option) may be exercised at any time on or after the third anniversary and before the tenth anniversary of its Date of Grant and an Exceptional Performance Option may be exercised at any time on or after the fifth anniversary and before the tenth anniversary of its Date of Grant.
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Related to EXERCISE AND LAPSE OF OPTIONS

  • 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.

  • Method of Exercise of Options Optionee shall notify the Company by written notice sent by certified mail, return receipt requested, addressed to the Company's principal office, or by hand delivery to such office, as to the number of Shares which Optionee desires to purchase under the options, which written notice shall be accompanied by Optionee's check payable to the order of the Company for the full option price of such Shares. As soon as practicable after the receipt of such written notice, the Company shall, at its principal office, tender to Optionee a certificate or certificates issued in Optionee's name evidencing the Shares purchased by Optionee hereunder.

  • Time of Exercise of Option This Option shall be first exercisable as to 25% of the Shares on each of the first four anniversary dates of this Agreement. To the extent the Option is not exercised by the Optionee when it becomes exercisable, it shall not expire, but shall be carried forward and shall be exercisable, on a cumulative basis, until the Expiration Date, as hereinafter defined.

  • Transferability of Options During the lifetime of an Optionee, only such Optionee (or, in the event of legal incapacity or incompetency, the Optionee’s guardian or legal representative) may exercise the Option. No Option shall be assignable or transferable by the Optionee to whom it is granted, other than by will or the laws of descent and distribution.

  • Manner of Exercise of Option (a) To the extent that the right to exercise the Option has accrued and is in effect, the Option may be exercised in full or in part by giving written notice to the Company stating the number of Shares as to which the Option is being exercised and accompanied by payment in full for such Shares. No partial exercise may be made for less than one hundred (100) full Shares of Common Stock. Payment shall be made in accordance with the terms of the Plan. Upon such exercise, delivery of a certificate for paid-up, non- assessable Shares shall be made at the principal office of the Company to the person exercising the Option, not less than thirty (30) and not more than ninety (90) days from the date of receipt of the notice by the Company.

  • 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.

  • Exercise of Options (a) The Option shall be exercised in accordance with the provisions of the Plan. As soon as practicable after the receipt of notice of exercise and payment of the Exercise Price as provided for in the Plan, the Company shall tender to the Optionee a certificate issued in the Optionee’s name evidencing the number of Option Shares covered thereby.

  • Exercise of Option The Over-allotment Option granted pursuant to Section 1.2.1 hereof may be exercised by the Representative as to all (at any time) or any part (from time to time) of the Option Units within 45 days after the effective date (“Effective Date”) of the Registration Statement (as defined in Section 2.1.1 hereof). The Underwriters will not be under any obligation to purchase any Option Units prior to the exercise of the Over-allotment Option. The Over-allotment Option granted hereby may be exercised by the giving of oral notice to the Company by the Representative, which must be confirmed in accordance with Section 10.1 herein setting forth the number of Option Units to be purchased and the date and time for delivery of and payment for the Option Units (the “Option Closing Date”), which will not be later than five (5) full Business Days after the date of the notice or such other time and in such other manner as shall be agreed upon by the Company and the Representative, at the offices of EG&S or at such other place (including remotely by facsimile or other electronic transmission) as shall be agreed upon by the Company and the Representative. If such delivery and payment for the Option Units does not occur on the Closing Date, the Option Closing Date will be as set forth in the notice. Upon exercise of the Over-allotment Option, the Company will become obligated to convey to the Underwriters, and, subject to the terms and conditions set forth herein, the Underwriters will become obligated to purchase, the number of Option Units specified in such notice.

  • Non-Transferability of Options The Option may not be sold, pledged, assigned, hypothecated, transferred, or disposed of in any manner other than by will or by the laws of descent or distribution and may be exercised, during the lifetime of the Optionee, only by the Optionee.

  • Transferability of Option The Option shall not be transferable except by will or the laws of descent and distribution, and any attempt to do so shall void the Option.

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