Option Provisions. Each Option granted under the Plan shall be evidenced by an Award Agreement. Each Option so granted shall be subject to the conditions set forth in this Section 6, and to such other conditions not inconsistent with the Plan as may be reflected in the applicable Award Agreement. All Options shall be separately designated Incentive Stock Options or Non-qualified Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for shares of Common Stock purchased on exercise of each type of Option. Notwithstanding the foregoing, the Company shall have no liability to any Participant or any other person if an Option designated as an Incentive Stock Option fails to qualify as such at any time or if an Option is determined to constitute “nonqualified deferred compensation” within the meaning of Section 409A of the Code and the terms of such Option do not satisfy the requirements of Section 409A of the Code. The provisions of separate Options need not be identical, but each Option shall include (through incorporation of provisions hereof by reference in the Option or otherwise) the substance of each of the following provisions:
Option Provisions. The Option shall be granted under the Stock ----------------- Option Plan and shall be subject to the terms and conditions (including vesting) of the Stock Option Plan and Employee's option agreement. The Stock Option Plan may be modified from time to time by the Company's Board of Directors. Notwithstanding the foregoing, the Company's Board of Directors may, in its discretion, grant the Option outside of the Stock Option Plan, and any such Options shall include such other terms as the Board of Directors may specify.
Option Provisions. Each Option shall be in such form and shall contain such terms and conditions as the Board shall deem appropriate. All Options shall be separately designated Incentive Stock Options or Nonstatutory Stock Options at the time of grant, and, if certificates are issued, a separate certificate or certificates will be issued for shares of Common Stock purchased on exercise of each type of Option. The provisions of separate Options need not be identical, but each Option shall include (through incorporation of provisions hereof by reference in the Option or otherwise) the substance of each of the following provisions:
Option Provisions. Each Option shall be in such form and shall contain such terms and conditions as the Board shall deem appropriate. The provisions of separate Options need not be identical, but each Option shall include (through incorporation of provisions hereof by reference in the Option or otherwise) the substance of each of the following provisions:
Option Provisions. The Stock Option will be granted under the 1993 Stock Option Plan (the "Stock Plan") and will be subject to the terms and conditions of the Stock Plan and form of option agreement.
Option Provisions. The Option shall be granted under the July 1, 1999 Stock Option Plan (the "Stock Plan") and, except as expressly provided otherwise in this paragraph 6, shall be subject to the terms and conditions of the Stock Plan and form of option agreement; provided, however, that the Company's Board of Directors may, in its discretion, grant the Option and/or any additional option(s), if any, outside of the Stock Plan, and any such Options shall include such other terms as the Board of Directors may specify that are not inconsistent with the terms hereof. The Option will expire on the first to occur of: (i) in the event the Executive's employment terminates by reason of the Executive's death or by the Company as a result of the Executive's Disability, twelve (12) months from the date of such termination; (ii) in the event the Executive terminates his employment for Good Reason, or in the event the Company terminates the Executive's employment other than for Cause, twelve (12) months from the date of such termination; (iii) in the event the Executive resigns (other than for Good Reason) or is terminated by the Company for Cause, ninety (90) days after the date of such resignation or termination; or (iv) ten (10) years from the date of grant of each such Option.
Option Provisions. This Nonstatutory Stock Option Agreement is subject to the approval of the Corporation's stockholders. Options granted hereunder are granted in consideration for the Optionee's future services as President and/or Chief Executive Officer. No other office shall be eligible for Options under this plan. Notwithstanding the foregoing, this Nonstatutory Stock Option Agreement is not an employment contract and nothing in this option shall be deemed to create in any way whatsoever any obligation on Optionee's part to continue in the employ of the Corporation, or of the Corporation to continue Optionee's employment with the Corporation.
Option Provisions. 5.1 In the event LMS elects to exercise the option to purchase additional DSOX-15 Scrubbers as provided in Article 2.g. of this Agreement, in addition to the other provisions of this Agreement that apply to LMS' purchase of DSOX-15 Scrubbers, the following terms will apply:
Option Provisions. Each Option granted under this Plan will be evidenced by an Award Agreement. Each Option so granted will be subject to the conditions set forth in this Section 6, and to all other conditions not inconsistent with this Plan as may be reflected in the applicable Award Agreement. The provisions of separate Options need not be identical, but each Option must include (through incorporation of provisions of this Plan by reference in the Option or otherwise) the substance of each of the following provisions:
Option Provisions. Each Option shall be subject to the following terms and conditions:
(a) No Option shall be exercisable after the expiration of ten (10) years from the date it was granted.
(b) An Option shall vest (i.e., become exercisable) with respect to each optionee in sixteen (16) equal quarterly installments on the three, six, nine and twelve month anniversaries of the date of grant of the Option, provided that the optionee has, during the entire period prior to such vesting date, continuously served as a Non-Employee Director of the Company, whereupon
(c) The exercise price of each Option shall be one hundred percent (100%) of the Fair Market Value of the Common Stock on the date such Option is granted. The "Fair Market Value" shall mean, as of any date, the value of Common Stock determined by the Board in good faith using such methods or procedures as may be established from time to time by the Board. Unless otherwise determined by the Board, the Fair Market Value of Common Stock as of any date shall be the mean between the bid and asked quotations for the Common Stock on that date as reported by the National Association of Securities Dealers Automated Quotation System (NASDAQ) or, if there are no bid or asked quotations on such date, the mean between the bid and asked quotations on the next preceding date for which quotations are available. If the Common Stock is subsequently listed and traded upon a recognized securities exchange or shall be quoted on a recognized national market system, the Fair Market Value shall be the closing price on such date or, if no closing price is so reported for that date, the closing price on the next preceding date for which a closing price was reported.
