Common use of Exercises of Option Clause in Contracts

Exercises of Option. This Option shall be exercisable in accordance ------------------- with provisions of the Plan as follows: (i) Schedule of rights to exercise. ------------------------------ Percentage of Total Shares Years of Continuous Employment Subject to Option Which May After Date of Grant of Option Be Exercised ------------------------------ --------------------------- Upon Grant 0% 1 year but less than 2 years 20% 2 years but less than 3 years 40% 3 years but less than 4 years 60% 4 years but less than 5 years 80% 5 years or More 100% __________________________ */ 110% in the case of an Optionee who owns shares representing more than 10% of the outstanding common stock of the Company on the date of grant of this Option.

Appears in 1 contract

Samples: Stock Option Agreement (Patapsco Bancorp Inc)

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Exercises of Option. This Option shall be exercisable in accordance ------------------- with provisions of the Plan as follows: (i) Schedule of rights to exercise. ------------------------------ Percentage of Total Shares Years of Continuous Employment Subject to Option Which May After Date of Grant of Option Be Exercised ------------------------------ ----------------------------- --------------------------- Upon Grant 0% 1 year but less than 2 years 20% 2 years but less than 3 years 40% 3 years but less than 4 years 60% 4 years but less than 5 years 80% 5 years or More more 100% __________________________ */ 110% in the case of an Optionee who owns shares representing more than 10% of the outstanding common stock of the Company on the date of grant of this Option.

Appears in 1 contract

Samples: Stock Option Agreement (Heartland Bancshares Inc)

Exercises of Option. This Option shall be exercisable in accordance ------------------- with provisions of the Plan as follows: (i) Schedule of rights to exercise. ------------------------------ Percentage of Total Shares Years of Continuous Employment Subject to Option Which May After Date of Grant of Option Be Exercised ------------------------------ --------------------------- Upon Grant 0__% 1 year but less than 2 years 20__% 2 years but less than 3 years 40__% 3 years but less than 4 years 60__% 4 years but less than 5 years 80__% 5 years or More 100% more ________________% __________ */ 110100% in the case of an Optionee who owns shares representing more than 10% of the outstanding common stock of the Company on the date of grant of this Option.

Appears in 1 contract

Samples: Stock Option Agreement (Newsouth Bancorp Inc)

Exercises of Option. This Option shall be exercisable in accordance ------------------- with provisions of the Plan as follows: (i) Schedule of rights to exercise. ------------------------------ Percentage of Total Shares Years of Continuous Employment Subject to Option Which May After Date of Grant of Option Be Exercised ------------------------------ --------------------------- Upon Grant 020% 1 year but less than 2 years 2040% 2 years but less than 3 years 4060% 3 years but less than 4 years 6080% 4 years but less than 5 years 80% 5 years or More more 100% __________________________ */ ----------------- * 110% in the case of an Optionee who owns shares representing more than 10% of the outstanding common stock of the Company on the date of grant of this Option.

Appears in 1 contract

Samples: Stock Option Agreement (Westwood Homestead Financial Corp)

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Exercises of Option. This Option shall be exercisable in accordance ------------------- with provisions of the Plan as follows: (i) Schedule of rights to exercise. ------------------------------ Years of Continuous Percentage of Total Shares Years of Continuous Employment After Subject to Option Which May After Date of Grant of Option Be Exercised ------------------------------ ----------------------- --------------------------- Upon Grant 0% 1 year but less than 2 years 20% 2 years but less than 3 years 40% 3 years but less than 4 years 60% 4 years but less than 5 years 80% 5 years or More 100% __________________________ */ * 110% in the case of an Optionee who owns shares representing more than 10% of the outstanding common stock of the Company on the date of grant of this Option.

Appears in 1 contract

Samples: Stock Option Agreement (First Lancaster Bancshares Inc)

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