Period of Exercisability. SECTION 3.1 - COMMENCEMENT OF EXERCISABILITY --------------------------------------------
(a) Subject to Sections 3.4 and 3.5, the Option shall become exercisable in four (4) cumulative installments as follows:
(i) The first installment shall consist of twenty-five percent (25%) of the shares covered by the Option and shall become exercisable on the first anniversary of the date the Option is granted.
(ii) The second installment shall consist of twenty-five percent (25%) of the shares covered by the Option and shall become exercisable on the second anniversary of the date the Option is granted.
(iii) The third installment shall consist of twenty-five percent (25%) of the shares covered by the Option and shall become exercisable on the third anniversary of the date the Option is granted.
(iv) The fourth installment shall consist of twenty-five percent (25%) of the shares covered by the Option and shall become exercisable on the fourth anniversary of the date the Option is granted.
(b) No portion of the Option which is unexercisable at Termination of Employment shall thereafter become exercisable.
SECTION 3.2 - DURATION OF EXERCISABILITY ---------------------------------------- The installments provided for in Section 3.1 are cumulative. Each such installment which becomes exercisable pursuant to Section 3.1 shall remain exercisable until it becomes unexercisable under Section 3.3. In the event the provisions of Section 3.4 become applicable, the Option shall remain exercisable until it becomes unexercisable under Section 3.3.
Period of Exercisability. Section 3.1 - Commencement of Exercisability
(a) Options shall become exercisable as follows: Percentage of Option Date Option Shares Granted As to Which Becomes Exercisable Option Is Exercisable ------------------- --------------------- After the first anniversary of the Trigger Date 20% After the second anniversary of the Trigger Date 40% After the third anniversary of the Trigger Date 60% After the fourth anniversary of the Trigger Date 80% After the fifth anniversary of the Trigger Date 100% Notwithstanding the foregoing, (x) no Options shall become exercisable prior to the time the Plan is approved by the Company's stockholders, and (y) subject to the immediately preceding clause (x), the Options shall become immediately exercisable as to 100% of the shares of Common Stock subject to such Options immediately prior to a Change of Control (but only to the extent such Options have not otherwise terminated or become exercisable).
(b) Notwithstanding the foregoing, no Option shall become exercisable as to any additional shares of Common Stock following the termination of employment of the Optionee for any reason other than a termination of employment because of death or Permanent Disability of the Optionee, and any Option (other than as provided in the next succeeding sentence) which is non-exercisable as of the Optionee's termination of employment shall be immediately cancelled. In the event of a termination of employment because of such death or Permanent Disability, the Options shall immediately become exercisable as to all shares of Common Stock subject thereto.
Period of Exercisability. Section 3.1 Commencement of Exercisability ----------- ------------------------------
(a) This Option shall become exercisable in four (4) cumulative installments as follows:
(i) The first installment shall consist of one-fourth (1/4) of the shares covered by the Option and shall become exercisable on the date that is one year from the date the Option was awarded.
(ii) The second installment shall consist of one-fourth (1/4) of the shares covered by the Option and shall become exercisable on the date that is two years from the date the Option was awarded.
(iii) The third installment shall consist of one-fourth (1/4) of the shares covered by the Option and shall become exercisable on the date that is three years from the date the Option was awarded.
(iv) The fourth installment shall consist of one-fourth (1/4) of the shares covered by the Option and shall become exercisable on the date that is four years from the date the Option was awarded.
(b) No portion of the Option which is unexercisable at Termination of Employment shall thereafter become exercisable.
Period of Exercisability. Section 3.1 - Commencement of Exercisability ----------- ------------------------------
(a) Subject to Section 5.6, the Option shall become exercisable in three (3) cumulative installments as follows:
(i) The first installment shall consist of fifty thousand (50,000) of the shares covered by the Option and shall become exercisable on the first anniversary of the date of execution of this Agreement.
(ii) The second installment shall consist of fifty thousand (50,000) of the shares covered by the Option and shall become exercisable on the second anniversary of the date of execution of this Agreement.
(iii) The third installment shall consist of fifty thousand (50,000) of the shares covered by the Option and shall become exercisable on the third anniversary of the date of execution of this Agreement.
(b) No portion of the Option which is unexercisable at Termination of Employment or Termination of Consultancy, as applicable, shall thereafter become exercisable.
Period of Exercisability. SECTION 3.1 - COMMENCEMENT OF EXERCISABILITY
(a) Time Options shall become exercisable as follows: Percentage of Time Option Date Time Option Shares Granted As to Which Becomes Exercisable Time Option Is Exercisable ------------------- -------------------------- After the first anniversary of the Trigger Date 20% After the second anniversary of the Trigger Date 40% After the third anniversary of the Trigger Date 60% After the fourth anniversary of the Trigger Date 80% After the fifth anniversary of the Trigger Date 100%
Period of Exercisability. SECTION 3.1 - COMMENCEMENT OF EXERCISABILITY
(a) Subject to Sections 3.4 and 5.6, the Option shall become exercisable in three (3) cumulative installments as follows:
(1) The first installment shall consist of thirty-three and one-third percent (33- 1/3%) of the shares covered by the Option (rounded down to the nearest one (1) share) and shall become exercisable on the first anniversary of the date that the Option is granted.
(2) The second installment shall consist of thirty-three and one-third percent (33-1/3%) of the shares covered by the Option (rounded down to the nearest one (1) share) and shall become exercisable on the second anniversary of the date that the Option is granted.
(3) The third installment shall consist of the balance of the shares covered by the Option and shall become exercisable on the third anniversary of the date that the Option is granted.
(b) Except to the extent expressly provided otherwise elsewhere in writing, no portion of the Option that is unexercisable at Termination of Employment shall thereafter become exercisable.
Period of Exercisability. Section 3.1 Vesting
(i) With respect to the number of Shares covered by the Options identified as Cycle I on the signature page hereof, Options shall become vested, thereby becoming eligible for exercise in accordance with Section 3.2, with respect to 20% of the underlying Shares in Cycle I (or such lesser percentage of the underlying Shares in Cycle I as then represents Options that have not yet become vested) on each anniversary of the Grant Date beginning with the first anniversary of the Grant Date; provided that if on any anniversary of the Grant Date beginning with the first anniversary thereof the Optionee has met in each year or portion thereof following the Effective Time the performance criteria relating hereto which are to be established by good faith agreement between the Board of Directors of the Company and the Optionee taking into account the historical performance of the Company reasonably promptly following the Effective Time (and, if not so established, to be established by arbitration under the procedures set forth in the Employment Agreement), Options shall become vested, thereby becoming eligible for exercise in accordance with Section 3.2, with respect to 33-1/3% of the underlying Shares in Cycle I (or such lesser percentage of the underlying Shares in Cycle I as then represents Options that have not yet become vested) on such anniversary of the Grant Date.
(ii) With respect to the number of Shares covered by the Options identified as Cycle II on the signature page hereof, Options shall become vested, thereby becoming eligible for exercise in accordance with Section 3.2, with respect to 50% of the underlying Shares in Cycle II on each anniversary of the Grant Date beginning with the fourth anniversary of the Grant Date; provided that the Optionee is serving as either Chairman or Chief Executive Officer or both on the date that Options with respect to such Shares are scheduled to become vested under this clause (ii).
(iii) Options which have become vested in accordance with this Section 3.1(a) are hereinafter referred to as "Vested Options".
(b) Notwithstanding the foregoing, upon any cessation of employment by the Group of the Optionee for any reason or reasons, any Option or portion of an Option that shall not have become vested in accordance with provisions of Section 3.1(a) shall be immediately cancelled.
(c) Subject to Paragraph 10 of the Plan, in the event of a Change of Control, the Options that have not yet become Vested Option...
Period of Exercisability. Section 3.1 - Commencement of Exercisability
(a) Options shall become exercisable as follows:
Period of Exercisability. Section 3.1 - Commencement of Exercisability
(a) So long as the Optionee continues to be employed by the Company or any other Service Recipients, the Option shall become exercisable pursuant to the following schedules:
Period of Exercisability. 4.1 Commencement of Exercisability The SAR Award is exercisable immediately on the Date of Grant.
