Restrictions on Exercisability. The Option shall not be exercised in whole or in part and no related share certificates shall be delivered in the sole discretion of the Company: (i) if such exercise or delivery would constitute a violation of any provision of, or any regulation or order entered pursuant to, any law purporting to regulate wages, salaries or compensation; or (ii) if any requisite approval, consent, registration or other qualification of any stock exchange upon which the securities of the Company may then be listed, the Securities and Exchange Commission, the Canadian securities regulatory authorities or other governmental authority having jurisdiction over the exercise of the Option or the issuance of shares pursuant thereto, shall not have been secured.
Restrictions on Exercisability. Except as specifically provided otherwise herein, the option will become exercisable in accordance with the following schedule based upon the period of the Optionee's continuous employment or service with the Company or a subsidiary thereof following the Original Grant Date: Period Incremental Cumulative of Continuous Percentage Percentage Employment/ of Option of Option Service Exercisable Exercisable ------------- ----------- ----------- Less than 1 year 0% 0% 1 year 33 1/3 % 33 1/3 % 2 years 33 1/3% 66 2/3% 3 years or more 33 1/3 % 100% If the Optionee performs services for the Company or a subsidiary thereof in a capacity other than as a director or employee, then, for purposes hereof, those services will be deemed to be continuous until they are terminated, and they will be deemed to be terminated at the time provided therefor in the consulting or other agreement governing the performance of such services or, if there is no such agreement, at the time the Company or such subsidiary notifies the Optionee that it no longer contemplates the utilization of such services. Unless sooner terminated, the option will expire if and to the extent it is not exercised within ten years from the date hereof.
Restrictions on Exercisability. Options, when vested, shall be exercisable over a declining four year period beginning on the date of hire of the Optionee, based on a 25% and 75% formula. To illustrate:
4.5.1 Assume 80,000 Options vest in accordance with the procedures set forth in Section 4.4 on March 31, 2006 for the 2005 fiscal year, the Options are exercisable as follows: (a) March 31, 2006 = 5,000 Options; (b) December 31, 2006 = 5,000 Options; December 31, 2007 = 5,000 Options; December 31, 2008 = 5,000 Options; and January 31, 2009 = 60,000 Options.
4.5.2 Assume 80,000 Options vest in accordance with the procedures set forth in Section 4.4 on March 31, 2007 for the 2006 fiscal year, the Options are exercisable as follows: (a) March 31, 2007 = 6,666 Options; (b) December 31, 2007 = 6,667 Options; (c) December 31, 2008 = 6,667 Options; and January 31, 2009 = 60,000 Options.
Restrictions on Exercisability. Except as otherwise provided herein or in the Plan or in an employment or other agreement between the Optionee and the Company or its affiliates, this Option shall become exercisable in accordance with the schedule shown in the Award Letter based upon the Optionee’s continuous employment or other service with the Company or its affiliates following the Grant Date. No shares of Common Stock may be purchased hereunder unless the Optionee shall have remained in the continuous employment or other service of the Company or an affiliate up to and including the specified date shown in the Award Letter from the Grant Date. Unless earlier terminated, this Option shall expire if and to the extent it is not exercised on or prior to the tenth anniversary of the Grant Date (the “Expiration Date”).
Restrictions on Exercisability. Unless accelerated, in the sole discretion of the Company, or except as specifically provided otherwise herein, the Warrant will become exercisable in accordance with the following vesting schedule: the Warrant shall become exercisable with respect to twenty percent (20%) of the Warrant Shares on October 22 of each year, commencing in 1998, until the Warrant has become exercisable with respect to all of the Warrant Shares; provided, however, that if Holder shall die during the term of his employment with the Company, or if a Change of Control (as hereinafter defined) shall occur, the Warrant shall become fully exercisable. For purposes hereof, a "Change of Control" of the Company shall mean the occurrence of any of the following events: (a) any party or two or more parties acting in concert shall have acquired beneficial ownership, directly or indirectly, of, or shall have acquired by contract or otherwise, or shall have entered into a contract or arrangement that, upon consummation, will result in its or their acquisition of, control over, Stock of the Company representing 25% or more of the combined voting power of all Stock of the Company, or (b) during any period of up to 24 consecutive months, commencing after the date hereof, individuals who at the beginning of such 24-month period were directors of the Company (together with any new director whose election by the Company's Board of Directors or whose nomination for election by the Company's shareholders was approved by a vote of at least fifty-one percent (51%) of the directors then still in office who either were directors at the beginning of such period or whose election or nomination for election was previously so approved) cease to constitute a majority of the directors of the Company then in office. As used herein, "beneficial ownership" shall have the meaning provided in Rule 13d-3 promulgated pursuant to the Securities Exchange Act of 1934, as amended.
Restrictions on Exercisability. Except as otherwise provided herein or in the Plan, this Option shall become exercisable in accordance with the schedule shown in the Award Letter based upon the Optionee’s continuous employment or other service with the Company or its affiliates following the Grant Date. No Options may be exercised hereunder unless the Optionee shall have remained in the continuous employment or other service of the Company or an affiliate up to and including the specified date shown in the Award Letter from the Grant Date. Unless earlier terminated, this Option shall expire if and to the extent it is not exercised on or prior to the nine and one-half year anniversary of the Grant Date (the “Expiration Date”).
Restrictions on Exercisability. Except as specifically provided otherwise herein, the option will become exercisable in accordance with the following schedule based upon the passage of time following the Effective Date: Period Incremental Cumulative of Time Following Percentage of Percentage of Effective Option Option Date Exercisable Exercisable ----------------- ------------- ------------- 0 months 12.5% 12.5% 3 months 12.5% 25.0% 6 months 12.5% 37.5% 9 months 12.5% 50.0% 12 months 12.5% 62.0% 15 months 12.5% 75.0% 18 months 12.5% 87.5% 21 months 12.5% 100% Unless sooner terminated, the option will expire, if and to the extent it is not exercised, at 5:00 p.m. on the tenth anniversary of the Effective Date.
Restrictions on Exercisability. Except as otherwise provided herein or in the Plan, this Option shall become exercisable in accordance with the schedule shown in the Notice of Grant based upon the Optionee’s continuous employment or other service with the Company or its subsidiaries following the Grant Date. No shares of Stock may be purchased hereunder unless the Optionee shall have remained in the continuous employment or other service of the Company or a subsidiary up to and including the specified date shown in the Notice of Grant from the Grant Date. Unless earlier terminated, this Option shall expire if and to the extent it is not exercised on or prior to the tenth anniversary of the Grant Date (the “Expiration Date”).
Restrictions on Exercisability. Except as specifically provided otherwise herein, the option will become exercisable in accordance with the following schedule based upon the number of full years of the Optionee's continuous employment or service with the Company or a Subsidiary following the date hereof: Full Years of Continuous Incremental Percentage of Cumulative Percentage of Employment/Service Option Exercisable Option Exercisable ------------------------ ------------------------- ------------------------ Full Years of Continuous Incremental Percentage of Cumulative Percentage of Employment/Service Option Exercisable Option Exercisable ------------------------ ------------------------- ------------------------ No shares of Common Stock may be purchased hereunder unless the Optionee shall have remained in the continuous employ or service of the Company or a Subsidiary for one year from the date hereof. If the Optionee performs services for the Company or a Subsidiary in a capacity other than as a director or employee, then, for purposes hereof, those services will be deemed to be continuous until they are terminated, and they will be deemed to be terminated at the time provided therefor in the consulting or other agreement governing the performance of such services or, if there is no such agreement, at the time the Company notifies the Optionee that it no longer contemplates the utilization of such services. Unless sooner terminated, the option will expire if and to the extent it is not exercised within ten years from the date hereof.
Restrictions on Exercisability. Except as specifically provided otherwise herein, the option will become exercisable in accordance with the following schedule based upon the period of the Optionee’s continuous employment with the Company or an affiliate thereof as defined herein (the “Affiliate”) following the date hereof: End of first 12 months 20 % 20 % End of first 24 months 30 % 50 % End of first 36 months 25 % 75 % End of first 48 months 25 % 100 % Unless sooner terminated, the option will expire if and to the extent it is not exercised, (10) ten years from the date of vesting (the “Option Period”). For the purposes of this agreement, the term “Affiliate” shall mean an affiliate as defined in Rule 0-10(j) of the Securities Exchange Act of 1934, as amended.
