Exercise and Vesting. (a) For purposes of this Option Agreement, the Option Shares shall be deemed “Nonvested Shares” unless and until they have become “Vested Shares.” Except as otherwise provided in Section 3, the Option Shares shall become “Vested Shares” as follows: (i) one-quarter (1/4) of the Option Shares (i.e. 100,000 Option Shares) shall vest immediately on the Grant Date and (ii) thereafter, beginning on the last day of the month following the month in which the first annual anniversary of the Grant Date occurs, 8,333 Option Shares shall vest monthly on the last day of each month, provided that 8,345 Option Shares shall vest on the last day of the 48th month following the Grant Date, so that all of the Option Shares shall be vested four years after the Grant Date, provided, however, that vesting shall cease upon your ceasing to be an employee of the Company or a Related Entity as expressly provided in Section 3 hereof.
(b) Notwithstanding anything to the contrary contained in this Option Agreement, in the event that a Sale of the Company or Change of Control occurs while you are an employee of the Company or any Related Entity, then all of the Option Shares shall vest and become Vested Shares immediately prior to the consummation of a Sale of the Company or Change of Control.
(c) The Option Shares that are subject to monthly vesting in each of the second, third and fourth years after the Grant Date shall become exercisable only on the anniversary of the Grant Date occurring at the end of the twelve (12) month period during which they have vested; provided that any Vested Shares shall be exercisable immediately prior to the consummation of a Sale of the Company or a Change of Control and, subject to the other terms of this Option Agreement, immediately following a Termination of Employment. Subject to preceding sentence and the other relevant provisions and limitations contained herein and in the Plan, you may exercise the Option to purchase all or a portion of the applicable number of Vested Shares at any time prior to the termination of the Option pursuant to this Option Agreement. In no event shall you be entitled to exercise the Option for any Nonvested Shares or for a fraction of a Vested Share or for less than 100 shares (unless the number purchased is the total balance for which the Option is then exercisable).
(d) The unexercised portion of the Option, if any, will automatically, and without notice, terminate and become null and void upon the expiration of 10 y...
Exercise and Vesting. Vested Options shall be exercisable for a 10 year period from the date of grant. Options shall become vested four years from the date of grant except to the extent vesting is accelerated by the Committee. If Employee is terminated prior to the date he becomes vested as a result of Termination For Cause or Resignation, Employee will forfeit all options not yet vested. If Employee is terminated due to death, Disability or Retirement, Employee shall become fully vested in all options not yet vested. If Employee is terminated for other reasons, the committee shall determine if options are forfeited. All Vested Options must be exercised within 90 days of Employee’s termination of employment.
Exercise and Vesting. Except as specifically provided in this Agreement and subject to certain restrictions and conditions set forth in the Plan, the Optioned Shares shall become vested and exercisable in accordance with Schedule A, which is attached and made a part of the Agreement.
Exercise and Vesting. Subject to adjustment as hereinafter provided, the rights represented by this Warrant are exercisable on and after the Original Issue Date until the Expiration Date, at a price per share (the "EXERCISE PRICE") of the Common Stock issuable hereunder (hereinafter, "WARRANT SHARES") of $ 4.08, subject to adjustment as set forth in Section 3. The Exercise Price shall be payable in cash, by certified or official bank check or by wire transfer as hereinafter provided. Upon surrender of this Warrant with a duly executed Notice of Exercise in the form of Annex A hereto, together with payment of the Exercise Price for the Warrant Shares purchased, at the Company's principal executive offices presently located at One USi Plaza, Annapolis, MD 21401, or at such other address as the Company shall have advised the holder in writing (the "DESIGNATED OFFICE"), the holder shall be entitled to receive a certificate or certificates for the Warrant Shares so purchased. The Company agrees that the Warrant Shares shall be deemed to have been issued to the holder as of the close of business on the date on which this Warrant shall have been surrendered together with the Notice of Exercise and payment for such Warrant Shares.
Exercise and Vesting. This Option may be exercised only to the -------------------- extent that such Option is vested in accordance with the following table: May Be Purchased ---------------- Number of Shares Not Before Not After ---------------- ---------- --------- 500,000 December 1, 2000 December 5, 2000 ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ ___________ Subject to the preceding vesting schedule, this Option may be exercised in whole or in part. Except as set forth in Sections 4 or 5 hereof, (i) the Optionee may not exercise this Option unless at the time of exercise he has been in the employ of the Company and/or a Subsidiary of the Company continuously since the date of the grant of this Option, and (ii) the unvested portion of this Option shall terminate and be forfeited immediately on the date the Optionee ceases to be a full-time employee of the Company. This Option shall be exercisable during the lifetime of the Optionee only by him or his guardian or legal representative. Neither the Optionee nor any person exercising this Option pursuant to Section 6 hereof may exercise this Option for a fraction of a share.
Exercise and Vesting. Stock Appreciation Unit Awards may be exercised by the Participant only at such time or times, and only upon such terms and conditions, as shall be set forth in the Agreement relating to such Stock Appreciation Unit Award. A Phantom Stock Unit Award will vest on the date or dates as are set forth in the Agreement respecting such Phantom Stock Unit Award.
Exercise and Vesting. This Option shall be fully vested on the -------------------- Date of Grant and may be exercise only during the period between on December 1, 2000 and February 28, 2001. This Option may be exercised in whole or in part. Except as set forth in Section 4 hereof, (i) the Optionee may not exercise this Option unless at the time of exercise he has been in the employ of the Company and/or a Subsidiary of the Company continuously since the date of the grant of this Option, and (ii) the unvested portion of this Option shall terminate and be forfeited immediately on the date the Optionee ceases to be a full-time employee of the Company. This Option shall be exercisable during the lifetime of the Optionee only by him or his guardian or legal representative. Neither the Optionee nor any person exercising this Option pursuant to Section 4 hereof may exercise this Option for a fraction of a share.
Exercise and Vesting. For purposes of this Option Agreement, the Option Shares shall be deemed “Nonvested Shares” unless and until they have become “Vested Shares.” Except as otherwise provided in Section 3, the Option Shares shall become “Vested Shares” as follows: (i) one-quarter (1/4) of the Option Shares (i.e. 100,000 Option Shares) shall vest immediately on the Grant Date and (ii) thereafter, beginning on the last day of the month following the month in which the first annual anniversary of the Grant Date occurs, 8,333 Option Shares shall vest monthly on the last day of each month, provided that 8,345 Option Shares shall vest on the last day of the 48th month following the Grant Date, so that all of the Option Shares shall be vested four years after the Grant Date, provided, however, that vesting shall cease upon your ceasing to be an employee of the Company or a Related Entity as expressly provided in Section 3 hereof.
Exercise and Vesting. This Option may be exercised only to the extent that such Option is vested in accordance with the following table: May Be Purchased ---------------- Number of Shares Not Before Not After ---------------- ---------- --------- #### _____1, 200_ _____1, 2013 #### _____1, 200_ _____1, 2013 #### _____1, 200_ _____1, 2013 #### _____1, 200_ _____1, 2013 Subject to the preceding vesting schedule, this Option may be exercised in whole or in part. Except as set forth in Paragraphs 5, 6 and 7 hereof, (i) the Optionee may not exercise this Option unless at the time of exercise he is in the employ of the Company and/or an Affiliate of the Company on the date of exercise, and (ii) the unvested portion of this Option shall terminate and be forfeited immediately on the date the Optionee ceases to be a full-time employee of the Company. This Option shall be exercisable during the lifetime of the Optionee only by him or his guardian or legal representative. Neither the Optionee nor any person exercising this Option pursuant to Paragraph 6 hereof may exercise this Option for a fraction of a share.
Exercise and Vesting. Subject to adjustment as hereinafter -------------------- provided, the rights represented by this Warrant are exercisable on and after the Exercise Date (as defined below in Section 1.2) until the Expiration Date, at a price per share (the "Exercise Price") of the Series D Preferred Stock issuable hereunder equal to $5.
