Exercise of Option and Provisions for Termination. (a) Except as otherwise provided herein and subject to the right of cumulation provided herein, this option may be exercised, prior to the tenth anniversary date, as to not more than the following number of shares covered by this option during the respective periods set forth below: No shares from and after the date of grant and prior to the first anniversary date; shares from and after the first anniversary date and prior to the second anniversary date; shares from and after the second anniversary date and prior to the third anniversary date; shares from and after the third anniversary date and prior to the fourth anniversary date; shares from and after the fourth anniversary date and prior to the fifth anniversary date; and shares from and after the fifth anniversary date. The right of exercise provided herein shall be cumulative so that if the option is not exercised to the maximum extent permissible during any such period it shall be exercisable, in whole or in part, with respect to all shares not so purchased at any time during any subsequent period prior until the expiration or termination of this option. This option may not be exercised at any time after the tenth anniversary date.
(b) Subject to the conditions hereof, this option shall be exercisable by the Employee giving written notice of exercise to the Company, specifying the number of shares to be purchased and the purchase price to be paid therefor and accompanied by payment in accordance with Section 3 hereof. Such exercise shall be effective upon receipt by the Treasurer of the Company of the written notice together with the required payment. The Employee shall be entitled to purchase less than the number of shares covered hereby, provided that no partial exercise of this option shall be for less than 10 whole shares.
(c) If the Employee ceases to be employed by the Company or one of its subsidiaries for any reason, including retirement but other than death, this option shall immediately terminate; provided, however, that any portion of this option which was otherwise exercisable on the date of termination of the Employee’s employment may be exercised within the three-month period following the date on which the Employee ceased to be so employed, but in no event after the tenth anniversary date. Any such exercise may be made only to the extent of the number of shares subject to this option which are purchasable upon the date of such termination of employment. If the Employee dies during suc...
Exercise of Option and Provisions for Termination. (a) Except as otherwise provided herein and subject to the right of cumulation provided herein, this option may be exercised, prior to the tenth anniversary date, as to not more than the following number of shares covered by this option during the respective periods set forth below: No shares from and after the date of grant and prior to the First Milestone Date; 2,009,137 shares from and after the First Milestone Date; 803,655 shares from and after the Second Milestone Date; 1,004,569 shares from and after the Third Milestone Date; 1,205,482 shares from and after the Fourth Milestone Date; and
Exercise of Option and Provisions for Termination. Vesting Schedule ---------------- Except as otherwise provided in this Agreement, this option may be exercised prior to the tenth Anniversary of the date of grant (hereinafter the "Expiration Date") in installments as to not more than the number of shares and during the respective installment periods set forth in the table below. The right of exercise shall be cumulative so that if the option is not exercised to the maximum extent permissible during any exercise period, it shall be exercisable, in whole or in part, with respect to all shares not so purchased at any time prior to the Expiration Date or the earlier termination of this option.
Exercise of Option and Provisions for Termination. (a) Except as otherwise provided herein and subject to the right of cumulation provided herein, this option may be exercised, prior to the Tenth Anniversary Date, as to not more than the following number of shares covered by this option during the respective periods set forth as follows: (i) no Shares prior to October 15, 2004, (ii) 16.6% of the Shares from and after October 15, 2004, and (iii) an additional 2.78% of the Shares on each monthly anniversary of such date thereafter, until fully vested, provided, however, that in the event there is no corresponding monthly anniversary date in any given month, such additional amount shall vest on the last day of such month (i.e., February 29 would correspond to January 31).
(b) Notwithstanding anything herein to the contrary, (i) in the event that Employee's employment with the Company is terminated either by the Company without Cause or by the Employee for Good Reason, then the portion of the option granted hereunder which would otherwise vest or become exercisable pursuant to this Section 2(a) within twelve (12) months following the date of such termination shall immediately vest and become fully exercisable; and (ii) in the event that Employee's employment with the Company is terminated either by the Company without Cause or by the Employee for Good Reason at any time following the consummation of a Change in Control, any unvested portion of the option granted to the Employee hereunder shall immediately vest and become fully exercisable. As used herein, the terms "Cause", "Good Reason" and "Change in Control" shall have the meanings set forth in the Employment Agreement executed herewith between Employee and the Company effective as of April 15, 2004 (the "Employment Agreement").
Exercise of Option and Provisions for Termination. (a) Except as otherwise provided herein, this option is exercisable for the first time with respect to the following shares subject to the option:
Exercise of Option and Provisions for Termination. (a) Except as otherwise provided herein and subject to the right of cumulation provided herein, this Option may be exercised, prior to the 10th anniversary of the Award Date, as to not more than the following number of shares covered by this option during the respective periods set forth below: Number of Months From Award Date Vested Percentage 0 up to 12 0.00% 12 up to 15 25.00% 15 up to 18 31.25% 18 up to 21 37.50% 21 up to 24 43.75% 24 up to 27 50.00% 27 up to 30 56.25% 30 up to 33 62.50% 33 up to 36 68.75% 36 up to 39 75.00% 39 up to 42 81.25% 42 up to 45 87.50% 45 up to 48 93.75% 48 through 10th 100.00% Anniversary
(b) The right of exercise provided herein shall be cumulative so that if the Option were not exercised to the maximum extent permissible during any such period it shall be exercisable, in whole or in part, with respect to all shares not so purchased at any time during any subsequent period prior to the expiration or termination of this Option. This Option may not be exercised at any time after the 10th anniversary of the Award Date.
(c) Subject to the terms and conditions hereof, this Option shall be exercisable by Participant giving written notice of exercise to the Company on a form acceptable to the Company, specifying the number of shares to be purchased and the purchase price to be paid therefore and accompanied by payment in accordance with Section 3 hereof. Such exercise shall be effective upon receipt by the Treasurer of the Company of the written notice together with the required payment. Participant shall be entitled to purchase fewer than the number of shares purchasable hereunder at the date of exercise, provided that no partial exercise of this Option shall be for fewer than 100 shares.
(d) This Option shall become fully vested if Participant’s employment is terminated due to: (i) retirement on or after the Participant’s sixty-fifth birthday; (ii) retirement on or after the Participant’s fifty-fifth birthday with the consent of the Company; (iii) retirement at any age on account of total and permanent disability as determined by the Company; or (iv) death.
(e) In the event that Participant’s employment with the Company is terminated within twelve months of a Change of Control (as defined in the Plan), the Participant may exercise any portion of the Option which the Board of Directors, in accordance with the Plan, deems to be vested as of the termination date, for a period of ninety days following the date of such termination, b...
Exercise of Option and Provisions for Termination. (a) VESTING SCHEDULE. Except as otherwise provided in this Agreement, this option may be exercised prior to the tenth anniversary of the Grant Date set forth on the Grant Summary (hereinafter the "Expiration Date") to purchase, from and after each date set forth under the column entitled "Full Vest Date" on the attached Grant Summary Table, the number of shares of Common Stock set forth opposite such date. The right of exercise shall be cumulative so that if the option is not exercised to the maximum extent permissible during any exercise period, it shall be exercisable, in whole or in part, with respect to all shares not so purchased at any time prior to the Expiration Date or the earlier termination of this option. This option may not be exercised at any time on or after the Expiration Date, except as otherwise provided in Section 3(e) below.
Exercise of Option and Provisions for Termination. (a) VESTING SCHEDULE. Except as otherwise provided in this Agreement, this option shall vest and become exercisable in installments (each, an "installment") as to not more than the number of shares set forth in the table below during the respective exercise periods set forth in the table below. No installment shall be exercisable after the fourth anniversary of the vesting date of such installment (each, an "Installment Expiration Date"), except as otherwise provided in Section 3(e) below. If, after the respective Installment Expiration Date, an installment shall for any reason not have been exercised in full (except as otherwise provided in Section 3(e) below), the option shall be deemed to have expired with respect to the unpurchased shares in such installment. Number of Shares as to which Installment Exercise Period Option is Exercisable --------------------------- --------------------- The right of exercise of this option shall be cumulative so that if any installment is not exercised to the maximum extent permissible during the respective installment exercise period, it shall be exercisable, in whole or in part, with respect to all shares not so purchased at any time prior to the respective Installment Expiration Date or the earlier termination of this option.
Exercise of Option and Provisions for Termination. (a) VESTING SCHEDULE. Except as otherwise provided in this Agreement, and subject to all other terms and conditions of this Agreement, if the Employee has continued to be employed by the Company through any applicable date in the table below, this option may be exercised prior to the tenth anniversary of the Grant Date (hereinafter the "Expiration Date") in installments for not more than the number of shares set forth opposite such applicable date: March 31, 1998 0 March 31, 1999 73,750 shares March 31, 2000 an additional 81,250 shares March 31, 2001 an additional 81,250 shares The right of exercise shall be cumulative so that if the option is not exercised to the maximum extent permissible as of an applicable date, it shall be exercisable, in whole or in part, with respect to all shares not so purchased at any time prior to the Expiration Date or the earlier termination of this option. Notwithstanding any other provision of this Agreement or the Plan, this option may not be exercised at any time on or after the Expiration Date. Notwithstanding the foregoing vesting schedule, if the Company is to be consolidated with or merged into another company where the Company is not the survivor corporation or in which the Company is the survivor corporation but becomes a wholly-owned subsidiary of another corporation, or if the Company is acquired by another entity in an acquisition of all or substantially all of the Company's assets or 70% or more of the Company's issued and outstanding shares of capital stock (collectively, a "Company Sale"), then all outstanding shares covered by this Option shall become exercisable in full (to the extent not otherwise so exercisable) prior to the consummation of the Company Sale.
Exercise of Option and Provisions for Termination. Subject to the conditions set forth in this Agreement, this Option shall be exercised by the Optionee’s delivery of written notice of exercise to the Treasurer of the Company, specifying the number of shares to be purchased and the purchase price to be paid therefor and accompanied by payment in full in accordance with Section 4. Such exercise shall be effective upon receipt by the Treasurer of the Company of such written notice together with the required payment. The Optionee may purchase less than the number of shares covered hereby, provided that no partial exercise of this option may be for any fractional share or for fewer than ten whole shares. Except as otherwise provided in this Agreement, this option may be exercised prior to the tenth anniversary of the date of grant (the “Expiration Date”).
