Common use of General Vesting Provisions Clause in Contracts

General Vesting Provisions. (i) Options to purchase 116,666 shares shall vest on June 8, 2007 (the “First Vesting Date”) provided Optionee remains continuously employed by the Company from the Grant Date through the First Vesting Date; and if Optionee shall not remain continuously employed by the Company through the First Versting Date, Optionee shall forfeit upon such termination of service, the right to vest in all of the Options granted under this Agreement; (ii) thereafter, on December 8, 2007 (the “Second Vesting Date”), Options to purchase 116,667 shares shall vest provided Optionee remains continuously employed by the Company from the Grant Date through the Second Vesting Date; and if a termination of service occurs prior to the Second Vesting Date, all of the unvested Options as of the date such termination of service shall no longer continue to vest after such termination of service, and thereafter Optionee shall forfeit any and all rights to any unvested Options; and (iii) thereafter, on June 8, 2008 (the “Third Vesting Date”), Options to purchase 116,667 shares shall vest provided Optionee remains continuously employed by the Company from the Grant Date through the Third Vesting Date; and if a termination of service occurs prior to the Third Vesting Date, all of the unvested Options as of the date of such termination of service shall no longer continue to vest after such termination of service, and thereafter Optionee shall forfeit any and all rights to any unvested Options.

Appears in 1 contract

Samples: Stock Option Agreement (Stellar Technologies, Inc.)

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General Vesting Provisions. (i) Options to purchase 116,666 25,000 shares shall vest on June 8September 1, 2007 2006 (the "First Vesting Anniversary Date") provided Optionee remains continuously employed by the Company from the Grant Date through the First Vesting Anniversary Date; and if Optionee shall not remain continuously employed by the Company through the First Versting Anniversary Date, Optionee shall forfeit upon such termination of service, the right to vest in all of the Options granted under this Agreement; (ii) thereafter, on December 8September 1, 2007 (the "Second Vesting Anniversary Date"), Options to purchase 116,667 25,000 shares shall vest provided Optionee remains continuously employed by the Company from the Grant Date through the Second Vesting Anniversary Date; and if a termination of service occurs prior to the Second Vesting Anniversary Date, all of the unvested Options as of the date such termination of service shall no longer continue to vest after such termination of service, and thereafter Optionee shall forfeit any and all rights to any unvested Options; and; (iii) thereafter, on June 8September 1, 2008 (the "Third Vesting Anniversary Date"), Options to purchase 116,667 25,000 shares shall vest provided Optionee remains continuously employed by the Company from the Grant Date through the Third Vesting Anniversary Date; and if a termination of service occurs prior to the Third Vesting Anniversary Date, all of the unvested Options as of the date of such termination of service shall no longer continue to vest after such termination of service, and thereafter Optionee shall forfeit any and all rights to any unvested Options; and (iv) thereafter, on September 1, 2009 (the "Fourth Anniversary Date"), Options to purchase 25,000 shares shall vest provided Optionee remains continuously employed by the Company from the Grant Date through the Fourth Anniversary Date; and if a termination of service occurs prior to the Fourth Anniversary Date, all of the unvested Options as of the date of such termination of service shall no longer continue to vest after such termination of service, and thereafter Optionee shall forfeit any and all rights to any unvested Options.

Appears in 1 contract

Samples: Stock Option Agreement (Touchstone Resources Usa, Inc.)

General Vesting Provisions. (i) Options to purchase 116,666 83,333 shares shall vest on June 8December 16, 2007 2006 (the "First Vesting Anniversary Date") provided Optionee remains continuously employed by the Company from the Grant Date through the First Vesting Anniversary Date; and if Optionee shall not remain continuously employed by the Company through the First Versting Anniversary Date, Optionee shall forfeit upon such termination of service, the right to vest in all of the Options granted under this Agreement; (ii) thereafter, on December 816, 2007 (the "Second Vesting Anniversary Date"), Options to purchase 116,667 83,333 shares shall vest provided Optionee remains continuously employed by the Company from the Grant Date through the Second Vesting Anniversary Date; and if a termination of service occurs prior to the Second Vesting Anniversary Date, all of the unvested Options as of the date such termination of service shall no longer continue to vest after such termination of service, and thereafter Optionee shall forfeit any and all rights to any unvested Options; and (iii) thereafter, on June 8December 16, 2008 (the "Third Vesting Anniversary Date"), Options to purchase 116,667 83,334 shares shall vest provided Optionee remains continuously employed by the Company from the Grant Date through the Third Vesting Anniversary Date; and if a termination of service occurs prior to the Third Vesting Anniversary Date, all of the unvested Options as of the date of such termination of service shall no longer continue to vest after such termination of service, and thereafter Optionee shall forfeit any and all rights to any unvested Options.

Appears in 1 contract

Samples: Stock Option Agreement (Stellar Technologies, Inc.)

General Vesting Provisions. (i) Options to purchase 116,666 shares shall vest on June 8July 5, 2007 (the “First Vesting Date”) provided Optionee remains continuously employed by the Company from the Grant Date through the First Vesting Date; and if Optionee shall not remain continuously employed by the Company through the First Versting Date, Optionee shall forfeit upon such termination of service, the right to vest in all of the Options granted under this Agreement; (ii) thereafter, on December 8January 5, 2007 2008 (the “Second Vesting Date”), Options to purchase 116,667 shares shall vest provided Optionee remains continuously employed by the Company from the Grant Date through the Second Vesting Date; and if a termination of service occurs prior to the Second Vesting Date, all of the unvested Options as of the date such termination of service shall no longer continue to vest after such termination of service, and thereafter Optionee shall forfeit any and all rights to any unvested Options; and (iii) thereafter, on June 8July 5, 2008 (the “Third Vesting Date”), Options to purchase 116,667 shares shall vest provided Optionee remains continuously employed by the Company from the Grant Date through the Third Vesting Date; and if a termination of service occurs prior to the Third Vesting Date, all of the unvested Options as of the date of such termination of service shall no longer continue to vest after such termination of service, and thereafter Optionee shall forfeit any and all rights to any unvested Options.

Appears in 1 contract

Samples: Stock Option Agreement (Stellar Technologies, Inc.)

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General Vesting Provisions. (i) Options to purchase 116,666 ______ shares shall vest on June 8November 12, 2007 2009 (the “First Vesting Date”) provided Optionee remains continuously employed by the Company from the Grant Date through the First Vesting Date; and if Optionee shall not remain continuously employed by the Company through the First Versting Vesting Date, Optionee shall forfeit upon such termination of service, the right to vest in all of the Options granted under this Agreement;; and (ii) thereafter, on December 8November 12, 2007 2010 (the “Second Vesting Date”), Options to purchase 116,667 _________ shares shall vest provided Optionee remains continuously employed by the Company from the Grant Date through the Second Vesting Date; and if a termination of service occurs prior to the Second Vesting Date, all of the unvested Options as of the date such termination of service shall no longer continue to vest after such termination of service, and thereafter Optionee shall forfeit any and all rights to any unvested Options; and. (iii) thereafter, on June 8November 12, 2008 2011 (the “Third Vesting Date”), Options to purchase 116,667 ______ shares shall vest provided Optionee remains continuously employed by the Company from the Grant Date through the Third Vesting Date; and if a termination of service occurs prior to the Third Vesting Date, all of the unvested Options as of the date of such termination of service shall no longer continue to vest after such termination of service, and thereafter Optionee shall forfeit any and all rights to any unvested Options.

Appears in 1 contract

Samples: Nonqualified Stock Option Agreement (Stock-Trak Group, Inc.)

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