Option Stock Clause Samples

Option Stock. Except as otherwise herein provided, the provisions of the Stock Option Agreement shall apply to the Options which are the subject of this Amendment. Shares and per share amounts set forth above have been adjusted to reflect the three-for-two stock split in 1996.

Option Stock. Option Stock" shall mean the shares of Common Stock received upon the exercise of the Option.

Option Stock. Any shares issued upon the exercise of the Option granted hereby shall be either authorized but unissued or reacquired shares of the Corporation's common stock, par value One Cent ($. 01) per share (any such shares issued pursuant to such exercise, hereinafter the "Option Stock").

Option Stock. The Stock issuable or transferable on exercise of the Options.

Option Stock. Option Stock" means 450,000 shares of Common Stock of the Company, as adjusted pursuant to the terms hereof.

Option Stock. In addition, subject to the terms and conditions and in reliance upon the representations and warranties herein set forth, the Selling Stockholder hereby grants an option to the Underwriters to purchase, severally and not jointly, up to an additional 6,000,000 shares of Option Stock, at the Purchase Price. The option hereby granted may be exercised for 30 days beginning on the date hereof and may be exercised in whole or in part at any time upon notice by the Representatives to the Selling Stockholder setting forth the number of shares of Option Stock as to which the several Underwriters are then exercising and the time and date of payment and delivery for such Option Stock. If the option is exercised as to all or any portion of the Option Stock, each of the Underwriters, acting severally and not jointly, will purchase that proportion of the total number of shares of Option Stock then being purchased, which the number of shares of Firm Stock set forth in Schedule A hereto opposite the name of such Underwriter bears to the total number of shares of Firm Stock, subject, in each case, to such adjustments as the Representatives in their absolute discretion shall make to eliminate any sales or purchases of fractional shares of Stock. Option Stock may be purchased as provided in Section 4(b) below solely for the purpose of covering over-allotments made in connection with the offering of the Firm Stock.

Option Stock. As of the Effective Date, the Company shall grant Employee an option to purchase 50,000 shares of Company stock at an exercise price of $13.17 per share. This option shall vest over a four (4) year period, 25% in each year, in four equal annual installments, beginning on the first anniversary of the Effective Date, provided Employee is still employed by the Company on each such anniversary date.

Option Stock. In addition, on the basis of the representations and warranties herein contained and subject to the terms and conditions herein set forth, the Selling Shareholder hereby grants an option to the Underwriters to purchase, severally and not jointly, up to an additional 1,350,000 shares of Common Stock, at the price per share set forth in Schedule A. The option hereby granted may be exercised for 30 days after the date hereof and may be exercised in whole or in part at any time upon notice by the Representatives to Selling Shareholder the setting forth the number of shares of Option Stock as to which the several Underwriters are then exercising the option and the time and date of payment and delivery for such Option Stock. Such time and date of delivery (the “Date of Delivery”) shall be determined by the Representatives, but shall not be sooner than three full business days nor later than seven full business days after the exercise of said option, nor in any event prior to the Closing Time, provided that there shall not be more than one Date of Delivery in addition to the Closing Time. If the option is exercised as to all or any portion of the Option Stock, each of the Underwriters, acting severally and not jointly, will purchase that proportion of the total number of shares of Option Stock then being purchased which the number of shares of Firm Stock set forth in Schedule A opposite the name of such Underwriter bears to the total number of shares Firm Stock, subject, in each case, to such adjustments as the Representatives in their absolute discretion shall make to eliminate any sales or purchases of fractional shares of Common Stock.

Option Stock. Notwithstanding the provisions of Section 7.6 hereof, the Company may issue up to an aggregate of the reserved 55,400 shares of Common Stock to its employees and non-employee directors by stock awards or stock option grants pursuant to one or more stock option or stock incentive plans ("Stock Option Plans") established by the Company and approved by the Board of Directors (the "Option Stock"). Stock options and stock awards issuable pursuant to such Stock Option Plans shall provide for the following vesting periods: (a) 25% vest twelve months after the grant date; and (b) 1/24th of the remaining 75% vest at the end of each consecutive calendar month thereafter. All shares of Common Stock issued pursuant to such Stock Option Plans shall bear a legend stating that the Company retains (i) the right to redeem all of such shares at the higher of the exercise price or fair market value at any time after an employee terminates his/her employment with the Company for any reason (or is terminated by the Company for any reason), and (ii) the right of first refusal to purchase any shares proposed to be sold, which rights are governed by the Shareholders' Agreement. Such redemption and first refusal rights shall expire on the date a registration statement for an initial public offering of the Company's Common Stock becomes effective. All persons who receive Option Stock shall execute a counterpart of the Shareholders' Agreement as a condition to such person's receipt of the shares of Option Stock.. Each grant to "affiliates" (as defined below) of the Company of options to acquire Option Stock (as contemplated herein and as authorized after the date of this Agreement) shall be made only with an exercise/purchase price which is equal to or greater than fair market value for such stock at the time of each such grant. For purposes of this Agreement, "affiliate" shall be defined as set forth in Rule 405 under the Securities Act.