Common use of Restrictions on Exercisability Clause in Contracts

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.

Appears in 2 contracts

Samples: Stock Option Agreement (Media Metrix Inc), Stock Option Agreement (Media Metrix Inc)

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Restrictions on Exercisability. Except as specifically provided otherwise herein, the option will become exercisable in accordance with the following schedule based upon the period number of full years of the Optionee's continuous employment or service with the Company or a subsidiary thereof following the Original Grant Date: Period Full Years of Incremental Cumulative of Continuous Percentage of Percentage of Employment/ of Option of Option Service Exercisable Exercisable ------------- ----------- ----------- ------------- -------------- Less than 1 year 0% 0% 1 year 33 1/3 25% 33 1/3 25% 2 years 33 1/325% 66 2/350% 3 years 25% 75% 4 or more 33 1/3 25% 100% 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 Grant Date. 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 hereofGrant Date.

Appears in 1 contract

Samples: Incentive Stock Option Agreement (Alexion Pharmaceuticals Inc)

Restrictions on Exercisability. Except as specifically provided otherwise herein, the option will become exercisable in accordance with the following schedule based upon the period number of full years of the Optionee's continuous employment or service with the Company or a subsidiary thereof following the Original Grant Date: Period Full Incremental Cumulative Years of Continuous Percentage of Percentage of Employment/ of Option of Option Service Exercisable Exercisable ------------------- ------------- ----------- ----------- ------------- Less than 1 year 0% 0% 1 year 33 1/3 1/3% 33 1/3 1/3% 2 years 33 1/3% 66 2/3% 3 years or more 33 1/3 1/3% 100% No share 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 Grant Date. 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 hereofGrant Date.

Appears in 1 contract

Samples: Stock Option Agreement (Alexion Pharmaceuticals Inc)

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Restrictions on Exercisability. Except as specifically provided otherwise herein, the option 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 Datedate hereof: Period of Continuous Incremental Cumulative Employment/ Percentage of Continuous Percentage Percentage Employment/ of Service from the Option Option Date of Option Service this Agreement Exercisable Exercisable ------------- ---------------------- ----------- ----------- Less than 1 year 0% 0% 1 year 33 1/3 25% 33 1/3 25% 2 years 33 1/325% 66 2/350% 3 years or more 33 1/3 years 50% 100% 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 thereof for at least six months from the date hereof. If the Optionee performs services for the Company or a subsidiary thereof in a capacity other than as a director an employee or employeeconsultant, 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 use of such services. Unless sooner terminated, the option Option will expire if and to the extent it is not exercised within ten years from the date hereof.

Appears in 1 contract

Samples: Stock Option Agreement (Usa Detergents Inc)

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